SPY daily has maintained two days close above the MA50 after bounced from the bullish support line meeting. The intraday buy on pullback was vigorous enough to make the candle stick a very long tail that maintain my bullish impression.
ECB lending to banks (though at an amount exceeding the forecast (€489bn/€300bn)) must be considered as a good news because "The ECB said 523 banks had taken advantage of the scheme that allowed them to offer lower-grade collateral in exchange for loans pegged to the central bank's main interest rate, currently at a record low of 1%. Mario Draghi, the ECB's president, has insisted that no stigma will be attached to banks applying for the loans, which for some is more than three percentage points cheaper than they could obtain on the open market."
SPY 30min serves as day trade targets: 123.40 - 125.55.
My trade setting for 12/22/2011
I maintain the view to buy any pullback until the targets 126.30-127.16.
Reviewing trade setting for 12/21/2011
My buying zone 122.77 - 123.20. The partial profit taking zone 124.50 -125.55. => Bought 123.00 keep it overnight.
The buy setting on pullback may be maintained for one week.