Thursday, October 21, 2010

SPY Watch

The S&P 500 (SPY) has lost the bull phase that showed up this morning on the Person's Proprietary Signal (pps).

It's not unusual for the pps to disappear -- to "ghost" -- when the price moves against the signal intraday, and that's what has happened to SPY.

The price has traversed 1.6% in a downward move today.

However, today's low (so far) is higher than yesterday's low, and today's high is higher than yesterday's high. The same pattern held true yesterday compared to the day before.

So, higher highs and higher lows -- I call it an uptrend that began on Tuesday. A renewed intraday rise on Friday would likely cause the pps bull signal to reappear.

Tim Bovee, Private Trader tracks the trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.

No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decision decisions for his or her own account, and take responsibility for the consequences.

No comments:

Post a Comment