Analysis for Short Term Option Trading!
Technically Speaking-
Trade Recommendations- we look very bullish from a long term technical stand point. So we would have to say we are still bullish long term!
Bollinger Bands- the SPY is still at the top of the bands and we have yet to see any long term signals that it is about to change or turn. It is still giving us long term bullish signals that are strong.
RSI- the RSI is following the chart pattern perfectly and we have no signs or signals telling us we are about to get a change soon. We are close to over bought but still have room to move, so we are bullish here also.
MACD- the MACD Histogram is the only thing that may be giving us a signal, and it is week at that. We are very bullish but strength is slowly moving out of the trend. But very, very slowly so nothing we would really worry about. We are bullish.
Outside Market Influences-
World News
Greece is well on track in its efforts to improve how it monitors its finances, the head of the European Commission's special task force said, while adding that its banking system remained in difficulty.
"I am optimistic as never before," Horst Reichenbach told Austria's Passauer Neue Presse newspaper in an article published on Saturday.
"The segment in the finance ministry which is responsible for pensions has greatly improved," he noted.
Reichenbach, who heads the special task force to help rebuild the Greek economy, said carrying out sufficient tax audits at Greek companies and the country's wealthy population remained challenging.
US Markets
Portfolio managers will be doing some last-minute shopping for winners from the big stock market rally as they take part next week in the quarter-end ritual of window dressing.
The activity could help stocks resume their upward course in the week ahead and keep a long-expected pullback at bay.
The benchmark Standard & Poor's 500 index (MXP:SPX) is up 11.1 percent so far for the first quarter and the year. That would follow a gain of 11.2 percent for the fourth quarter.
If the trend holds, the S&P 500 will book its best back-to-back quarters since the second and third quarters of 2009.
The S&P 500 lost some ground in the past week, ending down 0.5 percent after five straight weeks of gains, but that's only its second negative week for the year.
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