We retraced almost exactly 62% from the high back to the low. SPY formed a bottoming candle on the daily (green). I expect a 62% retrace back to the high, which would put SPY at about 89.5 area. I will more than likely start scaling out of my feb calls into mar and jun puts starting around SPY 88 area.
Thursday, January 15, 2009
Where are we headed?
We retraced almost exactly 62% from the high back to the low. SPY formed a bottoming candle on the daily (green). I expect a 62% retrace back to the high, which would put SPY at about 89.5 area. I will more than likely start scaling out of my feb calls into mar and jun puts starting around SPY 88 area.
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