Tuesday, January 27, 2015

A True Trap Door...01.27.15

SPY opened at the S3 pivot, a situation we encounter on less than 1% of trading days, and the situation deteriorated throughout the day on supernormal volume. We were able to close our SPY positions at the limit stop, which turned out to be only a few pennies from the high of the day.
The closing BUZZ looks pretty grim although we've seen dramatic reversals before so nothing's off the table. We're coming up on the end of the month also, which is bullish over 70% of the time.