Is this the Time? Looks like a sad face!

May 11th, 2009 Posted in Uncategorized

Did the S&P go high enough? I don't know... But What I do know is by Looking at the chart Below. There seems to be a lot of resistance between 928-950.  Currently before the market opens we are at 912.25 Down 12.50.  I would like to see a pop in this market in the next day or two to add to my option (puts) position.   Unless I see something technically to go short the S&P outright, Options is the way to play this game.  Again, Looking at the December put Options at the money - waiting for a pop to add to it.  The S&P chart below illustrates the resistance.  Still looking for an objective. It could be a significant move considering how far we have come off the lows.  Call or email me if you have any questions.  Its getting pretty interesting.  The chart looks like a sad face! How ironic. Don't you think?

Good Trading,

Dave Heltmach

Manduca Trading LLC

800.288.8802

dheltmach@manducatrading.com