Rochester, NY 8/5/2009 8:35:36 PM
S&P Dep Receipts, SPY - Outlooks Trade Update
S&P DEP RECEIPTS
S&P DEP RECEIPTS, SPY
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In my May 26 post, I showed a picture of the rally off the March lows and wrote that the curve projects a move to 1,010-1,020. At the time the S&Ps were trading around 885. The high thus far is 994. CQG Notice how the high-volume price has moved from 840 to 900.
The curve now projects a further rally to 1,125-1,150. This makes sense because this area represents "fair value" on our long-term curve (going back to the end of 1994, when the up trend that started in the early 1980's began a major acceleration). In my May 26 post, I also wrote about buying around the 840 area, unfortunately the deepest pullback only took the market back to 865.
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