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Thursday, September 9, 2010

SPX vs. SSE

Today or tomorrow,
1.  SPX volume (higher up or higher sell) and
2.  Index closing this week is critical (reversal?).
     a.  Cross 1110 and touch 1130 (consolidate and trend up from here or dipping starts).
     b.  Another possibility, dip down below 1080 and dive further towards 1040 (end of the week) or revisit near 1000 low (or below) next week. Reversal for the 4th time (cyclic).
     c.  It may also consolidate here and rally up to 1200/1250
     d. Range bound this week and major pull back (higher probability)/rally (major positive event) next week.

Next week, US Option calendar closing. Month end, quarterly Option Calendar closing.

Negative headlines at EU and US cause major negative sentiment swing. Gold and Silver are signs of the up swing. Another indicator is Option put to call ratio - major swing to Put!

SSE consolidates (range bound after crossing 2700 and pull back below 2700 resistance) - pend economic announcement. Back to 2400/2500 or cross 2800 (upward from here), both SPX and SSE will decide the market trend.

My View - stay neutral.

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