Wednesday, October 22, 2008
major distribution day trading rule
Based on post major distribution day trading rule, SPY is going to at least cover a range of +.20 to -.60 from yesterday's close price. SPY closed at 90.02. That means it safe to trade between 90.22 to 89.42. Since there is a gap up, you should short now and cover @89.42. I just shorted SPY @92.65 in ext. AM and expect a $3 profit
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