Today we look at the SPY and talk about the fact that the SPY managed to hold that crucial 109.10-109.20 and end the day GREEN nonetheless. The interpretation is that the bulls are still in control of this market and that shorting it right here is out of the question.Idan says that he needs to see 1085 break on the SPX before considering shorting the market. He also said that buying here is too high as the market is overbought he needs a pull back to 1071 or 1060 before he can scalp long.
We also look at GS and AAPL and set up some nice traders for tomorrow.
Totally blindsided by China…The land of the Rising Sun is gonna rise this market through the roof. I’m a bull WHEN we go over 1100.
Entire Chinese City Sits Empty
http://www.youtube.com/watch?v=P-Ef79KcH0Y&NR=1
China’s Real Estate: Black-Hole Capital Trap asset bubble in housing (July 14, 2010)
http://www.oftwominds.com/blogjuly10/china-capital-trap07-10.html
Chinese citizens have poured their life savings into speculative real estate. This is not just misallocation, it is an inescapable capital trap. Speaking of elevators, there is no need for an elevator to reach the 12th floor in this building: it fell over and is flat on the ground. Poor construction quality keeps foreign property buyers away.