Sunday, November 16, 2008

Bull Flag

There is a bull flag that has developed on SPY. Looking for a short term top around 100.5. While that is the target, I am scaling the trade back starting at 92, and expect to be fully out by 97. This is still a bear market and countertrend rallies are extremely dangerous. Watchout for any type of break down and support at 84, 82, and 80.