Again 956 stopped us today again. The high of day was 956.50 which shows that this level is EXTREMELY important. Now today if I am not tired I will run some charts and see what is the likely scenario here but The wedges in recent months haven't led to much on the downside so I don't want to jump the gun.
The earnings season is very similar to the last but Morgan Stanley's negative earnings this morning might put a cap on us here. If we do pullback I have those SSO Puts as a play but I rather stay light here.
MARKETJEDI
Wednesday, July 22, 2009
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