Wednesday, May 26, 2010

Bounce Or More?

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Well the 1040/1050 'Line in the Sand' S&P500 level held support and we're now seeing a bounce. The $SPXA50R had hit an extreme low level of 6% last week and a bounce was to be expected. The $SPXA150R & A200R remain neutral and a reversal there needs to be confirmed to give this bounce any sustainability. We could see this bounce carry a few days and possibly have some sort of profit taking as we enter the holiday weekend. As always stay hedged and remain cautiously optimistic near term.

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