Fuinhaz $SPY read for January 23 2013
January 23, 2013 - 10:06am
$SPY pretty much flat and just shy of another break out level on my charts. One thing that I want to point out is that the $NYMO (McClellan Oscillator) is just a few small points of being on the overbought territory. Also another piece of information is that the $FXY (Currency Shares Japanese Yen Trust) is starting to move up again which makes it hard to believe that this rally can continue to thrive without any imminent pullback. My only concern, and reason why I can't press on the idea of shorting is the $XLF (
Financial Select Sector SPDR (ETF)) which have been roaring, and reaching another important fib level once it crossed 17.20 with a lot of volume.
In order for this pullback to begin we need to see 3 factors.
1. The $NYMO needs to close above the overbought territory.
2. The $FXY needs to continue to do what it is doing and continue to push higher. That is one of the early si...Continue reading this article »