Stocks Fall Around The World, US Futures Signal Higher Open

February 24th, 2009

Good Morning! Hopefully everyone survived yesterday’s sell-off. After spending some more time last night scanning my charts – hundreds of them – I am still convinced that we have gotten way oversold on the index charts. With all of my new longs from Friday of last week that took a bit of a beating yesterday, I’m pretty confident they will start to come back around this week. Still, as members know, we are very hedged at this point and every day that we close down is just another great day for our short positions. Below you will see the new S&P support and resistance levels that I updated for you all. I just wanted to point out that if we break below the first support level around 730 today in green I will be buying up index calls because the chances of a reversal would get to almost 90%. If I were you, I would watch these levels very close today for a great intra day trade on the SPYs or DIAs. Let’s see what the day brings us. Happy  Trading!

 

spx-24

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