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Thursday, July 9, 2009

SPX 880

I don't have much time tonight, still on a business trip, so this will be a quickie. To do a post right it takes me 1-2 hours between reading and articulating.

The S&P 500 ended at 879.56, which is basically at the 880 level I called for earlier in the week.
Since this is a key level, it wouldn't surprise me that the market rallies Thursday. It also wouldn't surprise me for the market to fall much further. But I expect a day of rally, and Friday to end back near 880.

Then next week is the true action, right into options expiration. When SPX hits 811 (or close to it), its time to look to lighten positions if your playing conservative. I'll decide then what my plan is.

Also, gold miners broke through the line, so GDX could fall to 26. Right now, buying miners is like trying to catch a falling knife. I won't play, but I am keeping my miners.

Good luck out there.

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