Well, SPY broke through both the August high horizontal resistance and the 200 day EMA, decisively. I think it’s fair to say that I’ve given bear enough room to state its case. It’s time to start thinking about pulling the plug and licking the wounds. I’ve over estimated the staying power of the 200 day EMA and dismissed the bull case — the classic flagging above the 50 day EMA with RSA well above 50 for the past 2 weeks. I’ve ignoring all the typical technical analysis, thinking this time is different.
Over the weekend and EU leaders will begin meeting to finalize the bail-out plan for Greece. Can I dare to wish that today’s breakout was a head-fake to ease the pain of an impending EU disappointment over the weekend? Please tell me that I can!
Portfolio Value: $127,800