11:20 AM Update
SPY is about 123.02. I think it is time to add longs.
SPY daily got a strong rebound from the bullish support line. With this rebound erasing 5 last down days, I tend to think that a reversal is starting and my setting will point to buy on pullback. The bullish is supported by improved US economic data, German business sentiment rose, Euro bonds interest eased, Santa rally statistic and technical supports.
SPY 30min: My buying zone 122.77 - 123.20. The partial profit taking zone 124.50 -125.55.
My trade setting for 12/21/2011
My buying zone 122.77 - 123.20. The partial profit taking zone 124.50 -125.55.
The buy setting on pullback may be maintained for one week.