Iguana Thursday0709, page-5

SPI200 Commentary

Follow or Fade!

SPI tried to break higher yesterday but was hit with selling around 5440 on the XJO. I was hoping that the S&P would break out higher yesterday but unfortunately all it did was more range trading. So it feels a bit like groundhog day at the moment. We should see more of the same range trading today on the SPI. The main concern I have with my buy the dips mode I'm in is that the retail sentiment I follow is also doing the same, so chances are we could see a bit of a sell off in some form soon to clean out some weak longs. So I'm moving more from a buy the dips mode to range trading mode, in other words I'll be more comfortable selling bounces today than earlier this week. For todays trading I will be looking to buy dips around 5375 and sell rallies around 5420