June 8, 2012 - The Steady Trader

Morning Thoughts August 6

The big upside reversal Thursday afternoon with follow-through on Friday was significant. We closed our SPY short position Friday afternoon and are now positioned a little long SPY. Next upside target on S&P 500 for us is 1405 and we see a good chance the index can hit 1420 in coming days to maybe 2 […]

Closed Bucket 2 Position

We closed the Bucket 2 short position in SPY Friday afternoon. A classic bear trap developed post Draghi comments on Thursday that left the charts with a bullish tone at the end of the week. Outside days and bullish reversals are all over the charts. More on this in detail in the morning thoughts on […]

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