Everything is going to plan to our analysis at the end of last week and over the weekend. The last trading days are setting up for the windows dressing phenomenon and can clearly be seen especially with the move on crude oil today. I expect crude to move higher into tomorrow being one of the best performing asset over the last 3 months but then retreat as the second half of the year starts.
We are creeping higher into that 938-945 area for the S&P and if we do trade to that level this week I will be taking some puts on the indices home for a trade as I think it is a good risk reward trade.
952.75 is the top of the last swing high so keep a note of that if we do decide to go higher.
Monday, June 29, 2009
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