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SPY Channel Breach
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SPY Channel Breach

SPY Channel Breach

by The MoleFebruary 20, 2009

UPDATE 3:17pm EST: We just breached that little channel on the SPY:

Looks like we’re just going to walk this one off – strange tape but if you’re short just wait it out. Take a reasonable amount of some losses before you cut, no sense in cutting your legs off here. Partial profit taking is of course encouraged. BTW, 756 was a long RL in the SPX – next one is 707.

UPDATE 1:54pm EST: I grabbed a small amount of SPY calls at 856 – so far so good. BTW, while you guys are stroking your boners over Ms. Ponga the folks over at the slope are exchanging quantum physics jokes. Can we please just raise the benchmark by an inch or so over here? I was hoping for some long symbols, etc. – don’t get complacent because you lucked out this week.

About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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