Thursday, December 10, 2009

50 SMA catching up

There's a good chance that the SPY 109-112 range will not be resolved until the 50 SMA catches up. The bullish scenario would be a final bounce on the 109 support/50 SMA and into new highs for year-end.

Bearish scenario is a break-down through 50SMA/support and a correction to end the year. Stay tuned and until then try not to do too many boredom trades.


USO coming up to levels which interest us for support long buying. $34-$35 we'll be long for a swing as the stock comes up to its 200 SMA ($35) and daily support ($34).