Yesterday the market sold of, but stayed above the 1,370 support level I mentioned in Sunday's post. The SPX closed at 1,374, just a hair above it's low for the day.
The market opened decidedly up this morning, but it seems a bit early for the institutions to shift from sell to buy mode. I still expect to see us trade lower over the coming days.
I did place orders for bearish credit spreads, yesterday. They were not filled as the market traded lower and I was not willing to give chase. I'll be looking again today.
Remember, there is a tele-seminar tonight.
Christopher Smith
TheOptionClub.com
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Tuesday, March 6, 2007
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