User: Ryan Mallory: Market Analysis: Fuinhaz $SPY read for November 15, 2012 | SharePlanner

Fuinhaz $SPY read for November 15, 2012 | SharePlanner

$SPY slowly moving lower after jobless claims unexpectedly jump up 78,000 to 439,000. CPI Rose 0.2% Vs. 0.1% estimated by analysts. I am actually very excited about today. I am looking to go long if we hold the 135.14 level which represents the 4th Fibonacci retracement level. I do believe that one could pick up mostly anything, and it will just work. But again, I emphasize that we really need to hold 135.14. Or this theory will fail.

I will be looking to buy $CAT, $UPRO, $BTU, and $JPM

$SPY 1st support is 135.14 (4th Fibonacci Retracement), 2nd support 134.43, and 3rd is 133.64.

$SPY 1st target is 135.70, 2nd is 136.39 3rd is 136.69, and 4th one just for fun is 137.06.

Trade what you see not what you think.

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