Roller Coaster Tuesday, page-6

SPI200 Commentary

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SPI had a decent day yesterday as the grind higher continues. Seems a lot of people still want to short this market and they are getting squeezed. One of the fundamental drivers of this move is earnings which in general have been good and you have seen companies rewarded. JBH and ANN were 2 notable movers yesterday. I think we see more of this as we progress through this season. There is still a lot of open interest at the 5500 and 5600 calls on the XJO which expire in 2 days, so that could see another sharp squeeze happen. Seems there is some decent resistance around that 5515/5520 level on the SPI so we need a good driver to get past that level. For todays trading I will be looking to buy dips around 5485 and sell rallies around 5525