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"Don't trade when there aren't clear opportunities" Jesse Livermore "The only way to "get better at trading" is to practice dealing with losses, with money, with your real trading system "Rob Booker "There are old traders and there are bold traders, but there are very few old, bold traders." Ed Seykota "Don't think about what the market's going to do; you have absolutely no control over that. Think about what you're going to do if it gets there"Bill Eckhardt

Monday, August 8, 2016

MARKET SPY


SPY rose to new all-time high after a stronger than expected monthly jobs report. Bank stocks rose on the prospect of higher interest rates, while tech stocks and consumer companies also made big gains.

However,the Bollinger Band is narrowing and the price is touching the top of the band Even so the market in the breakout mode, we may see some weakness next weak.There is also a divergence between price and RSI(10), that hints about the possibility for a small pullback. In addition VIX closed under Bollinger Band, closing back inside the Bollinger Band will create a signal for the market retrace. If the next day after the signal VIX will close higher this signal will be confirmed.
Next week is about Retail sale,Business inventories and Export/Import prices. My target is still around 2215-2220 for the current uptrend.





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