Thursday, February 28, 2013

SPY within arms length of recent highs

This market still has plenty of bids to keep it moving higher. Monday we got a much needed move lower to work off some overbought conditions and finally had some volatility come back into the market for the first time in a long time. On the dip I added a few more long positions to my portfolio as I tend to believe this market has an agenda to the upside for the year. We are within a $1 of all multi year highs made just the other day. The question is whether we will trade sideways for a while before resuming the trend higher.

Ultimately I think we will get a test of all time highs this year around the $157 handle. So for know I will continue mostly with covered call positions.

Good Luck Trading!

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1 comment:

  1. Another new high above the $154 price level in the SPY.