Monday, June 14, 2010

SPY Chart

I'm still new to charting and don't know how much faith to put in it, but I'm going to watch and see how this plays out. At the moment I see two gaps, and interestingly we've not had a tape trade at the 109.75-110.12 level even though we've traded above and below it. That is a double gap, and though there is no rule that gaps have to get filled, in my experience they do most of the time. It looks like we failed at resistance again at roughly $111.00 this morning. I've got a short call spread on SPY at 114/116 this month that I'm going to let ride given this chart.

Update: Gap filled an hour later. Do I feel dumb for not attempting to making money on this: Yes, sort of. I don't know. Maybe enough similar experiences and I'll start to act on them. 

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