In any case, there is a gap open in the SPY up to about the 136.73-136.85 area.
Judging by the sum of the short term intraday charts that I believe suggest a near term pullback, I wouldn't expect this move to last and certainly wouldn't chase it.
Wednesday, July 18, 2012
Another Parabolic Fade?
This has been a common feature on the open lately, some more extreme than others...
Typically this early move gets faded, this is one of the reasons I'm not very thrilled about analysis from early morning trade.
In any case, there is a gap open in the SPY up to about the 136.73-136.85 area.
Judging by the sum of the short term intraday charts that I believe suggest a near term pullback, I wouldn't expect this move to last and certainly wouldn't chase it.
In any case, there is a gap open in the SPY up to about the 136.73-136.85 area.
Judging by the sum of the short term intraday charts that I believe suggest a near term pullback, I wouldn't expect this move to last and certainly wouldn't chase it.
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