etfmsolutions: New SPY High...3..4.14

Tuesday, March 4, 2014

New SPY High...3..4.14

After shedding 153 points yesterday SPY came roaring back with a 227 point gain today and a new high. Tentative volume may reveal a lot of short covering responsible for today's pop...most politicos (and traders) were surprised by Russia's apparent quick retreat on the Ukrainian situation.

Tomorrow will be a better gauge of whether today's momentum was actually bull driven.
It was an up day out of the gate with no looking back.

The XIV gained 6% and the VIX lost 11% for the day.....a look at the daily SPY Trader shows the XIV has not participated in the rally to the same extent as underlying securities.....a reason to be wary of the rally momentum...

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