The collision of global markets and social mood

Thursday, January 20, 2011

Looking For Longs This Morning

I have my eye on the 1270 area. The S&P feels a bit washed out here, but I still feel at some point I'll be able to get a good buy there. If my overall take is correct, futures could easily bounce to 1290 once the bottom of this move is reached. Regardless, I will use options at the open (probably SPY 129 calls, but maybe OEX 580 calls too). At the moment, we could see a continuation of the current action from 7:20 am EST up to 1281.

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