One Option Trading Blog http://ift.tt/2m3tC1N Posted 9:00 AM ET - Yesterday we saw a nasty round of profit-taking. The selling pressure from Wednesday afternoon spilled over and stocks closed on their low Thursday. I've been telling you that this rally would not end on a down open. It would end on a gap higher and a reversal. If you combine the candles from Wednesday and Thursday, that's exactly what you have. I advised you to take profits on half of your positions early Wednesday morning and this is exactly why. The SPY rested on support at $238.40 yesterday. That was the open from Wednesday and it …
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