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Riding the bounce…

June 6, 2013

SPY has approached the key support at 160 while I’m writing. This technical support is also at the same level of the 50 days simple moving average. This revealed to be a strong support in the past. The golden cross is still bullish. FED is still going on buying for all the month. We need a double top to reverse the current long term trend. The markets are extremely oversold now. NDX covered today the last open ed gap. I’ll enter a long trade on the ES at the close. I’ll try to ride the bounce till the test of the absolute highs.

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