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Friday, May 20, 2011

Ridiculously Long Shot Call of the Day

If a pattern I'm studying plays out, the SPX should reverse its (currently) 9 1/2 point drop and close positive on the day, leaving a big, fat bullish hammer candle going into the weekend.

Will be working on it throughout the day... more later.

UPDATE at 11:45am

 SPX fell as low as 1330.67 and appears to have bottomed out just above The Trendline That Just Won't Quit and is rebounding.  In the process, it completed another half-baked bullish Gartley that indicates an upside to 1360.  Not looking for all of that today, just 1342 or better -- setting up a big Monday.   VIX is backing down and should close at 16 or so.

UPDATE at 3:15pm

SPX recovered to its daily high of 1342, is now at 1335.50.  It's now caught in the OPEX tractor beam.  Easy call would be 1335, but I think we get one last bump to 1340 on the day.  A nice recovery designed to shake out anxious bears before Monday's 10 point advance.

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