The purpose of this blog is to retain an electronic diary/archive of key market moving news and events. The morning note includes my personal views on the financial markets and fundamental research pulled from newswires, Bloomberg, First Call, and other market intelligent websites and blogs. The note helps me prepare for the trading day and helps my PM position the porfolio for upcoming events and catalysts.
Wednesday, November 12, 2008
SPX 865 is a HUGE LEVEL!
On October 16, the SPX bottomed at 865 btwn 10:45-11am ET. The index then had a huge high-volume reversal, rallying 100 points to 965 by 2pm the following day. The bulls need to defend 865 because a break below could cause a whoosh down (large sell programs) and possible break of the October 27 closing low at 848.
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