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Wednesday, June 24, 2009

Crucial Support Level

I closed my short term puts last night as FOMC meeting announcement is on tonight 2.15am(25th Jun SG time), there is just one number to keep in mind: 880 for SPX, if it breaks below it, the bears are in control. If the suppport hold, we are going to have a rebound, and particularly if it rebound back to its 900s, then the bulls are going to get a renewal sense of confidence.

I personnally think the failure of break above 950 on SPX in 1st half of June and then break below 920 bi-weekly support is seriously enough to give the bears some comfort. But, in FOMC days, market might really going to crazy, who knows how the market is going to react.

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