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Tuesday, July 14, 2009

Important Point

Hi everyone!

Last night's big upward move temporarily relieved the bulls from falling off the cliff. With Dow up 185 points and $BKX bank index up about 6.5%, the shorters took it on the chin. As for me, my hands cleared with puts by last Friday, thanks goodness! And My SPY call(entered on last FRI) and BA call( Entered last night) made me terrific paper gain by now. One thing i keep on remind myself is: Don't chase the market, be patiently wait for the best opportunity comes to you. It works great indeed once executed.

Anyway, my calls are meant for short term positions-- maximum 4 days to exit. I'll keep myself nimble and be flexible.I think tonight is a very important day, for short-term market direction. As SPX approaching its key short-term resistance level. 20dma and 50dma just above its head.

If tonight is another strong day, we probably into the game of waiting, since both bulls and bears are continue to wrangle each other. I'll looking to exit my call position tonight if the bears attack back. Never give back all the profit.

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