Hello expiration week and good-bye markets. We finally saw some much needed selling. I have been doing some intra-day SPY shorts the past two days but as a disciplined trader, I have to see support levels broken before going all out. I would not be surprised if we test the 50 day MA on the daily on the S&P several times then eventually break through it. A break through the 50 day will really scare a lot of traders out of their long positions. But right now I am looking for opportunities to short this market on the hourly charts.
Upcoming Plays for the rest of the week:
RIMM (NASDAQ: RIMM) earnings are out Thursday after the bell. Any kind of gap down and I will look for an entry point to short post earnings as investors will pour out of this stock on any kind of disappointment. If it react any other way I will not play it.
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