Sunday, July 12, 2009

SPY Update 7/12/09

Markets fell again this week showing that the resistance against the 50 week simple moving average may have been a bear market rally top. The fundamentals of this market are still weakening and I still think we are heading towards a test of new lows in the SPY. I rode the bear market rally up and I just started shorting this falling market. We'll see how things turn out.

Disclosure: Short the phone book

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