One Option Trading Blog http://ift.tt/20oPTmK Posted 9:30 AM ET - Last week the SPY dropped to the low from August ($182) and it bounced. We saw follow-through buying the last two days and this marks a capitulation low. January is typically a very bullish month and heavy selling has me treading cautiously. I still believe we might see an aftershock and I hope that happens today. Ideally we will pull back below horizontal support at SPY $187.50. The market could fall below that level and shake out bullish speculators. Once that low is established, I want to see a swift snapback rally. If this happens, I …
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