Afternoon Update

Let’s get right to the point;

As I offered this morning, with a big options expiration day ahead of us tomorrow and everyone focused on Greece over the weekend this is a low probability trading environment at least until Monday.

I will be taking the day off tomorrow out of pure discipline not to trade low probability trading days.  I will however be back at the desk late Sunday and most certainly very very early on Monday morning to catch a feel for the initial reaction to the weekend news.

In terms of the day today, we  had a nice pop in the morning session which is now giving back some of its gains.

The daily chart of the S&P 500 reveals the tight trading range we had over the past six trading days…see the gray bubble.

If you are interested to see what levels on the S&P 500 I am looking at on a nearer term 15 minute chart here they are on the chart below denoted by the long  blue solid lines


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