SPY is down significantly AH

Posted by Jack Haddad on January 30, 2008 at 3:31 pm

 Folks,

The shares are down significantly AH.  Were down 13 handles on the futures.  Not looking good for tomorrow!  I’m not looking to cover the shares anytime soon.  However, I will not hesitate to take profits as i see fit. 

From a technical perspective, the gap down to 129.80 will fill.  We may very well fill that gap tomorrow.  You have to understand the market is a “discounting mechanism.”  That said, we have rallied nearly 910 points to discount today’s rate cut.  Hereon, party is over!

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