We got our “rubber band” bounce on SPY as we expected from last blog post due to the fact, markt was getting oversold and completely out side of Bollingar Band.
SPY still under all moving averages. This bounce can continue up to 206.50 area but it would still look like another bear flag. 200 is the big support now with many stops in that area. Low volume holiday trading out there. We are mostly focusing on “Mean reversal” trade in the chat room, basically short extended stocks like solar’s and long beaten up oil stocks for bounce. We finally had our “Home run” short trades on solar stocks. SUNE,RUN, SCTY all gave some big gains for the day. Check out SUNE , finally broke down the short term trend line and we were short on this from 6.58 in chat room, also posted this live on Twitter!
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