104.58 is Money in the Bank

104.58 is Money in the Bank

Were it not for options expiration tomorrow, I would be short right now. Perhaps I have given too much importance to options expiration and instead should focus on the price action in the stock market. Regardless I never saw today's drop coming and I can't write it off as opex manipulation. SPY will definitely be hitting 104.58. SPY created a $2.38 gap in price today. The last time SPY gapped down this much (10/3/08), it took almost an entire year to fill it. I view 104.58-105.86 as strong support and a good bounce zone. We might also get an OPEX bounce tomorrow, but I'm not counting on it. Beginning tomorrow I will set my sights on 104.58. These two SPY points are money in the bank.

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