On Friday Spy was up .97% and continued the run with 2 closes above $390 which was critical resistance and we sliced right through it. This has been a powerful move up, but I am definitely not giving up my #SellEveryRally Hashtag. Next resistance is at $401.12 and then $416
Spy closed at $398.51, most technicians
believe if we close above $416 the bear market will be over and we will be entering a bull market. Right now we are still in a bear market, always be nimble and always be ready for the market to do what most people are not expecting.
I do not believe we will be entering a new bull market any time soon, we are in the midst of a major short covering rally. I really don’t wanna break my arm patting myself on the back again for calling the bottom… But It’s only fair.
We owned 100 NVDA Puts that we booked a profit of over 120%. We were Short 4000 NVDA and Covered all of it showing over $10,900 in Profits and we got out minutes before the counter rally really got going.We are going to run into major resistance about 4% higher. Initial resistance is coming in at $399 then $408 and the Big one SPY $416. The Risk reward is still in the Bears corner because when we hit of these resistance levels and get turned around on high volume Get out
We are in cash waiting to pounce on a few overextended stocks. Watch Spy $390 if you’re a bull you can buy as long as we are closing above $390. If we close below SPY $390 then Hit The Bid.
G. Allan Collins
The Money Magicians