Headed to 130

Headed to 130

Yesterday was quite the barn burner. SPY now appears headed for 130.4. I still expect SPY to pull back below 122.1 before continuing upwards to 130.4. In particular SPY should test the break out point at 119.75. It may take a week or more for this drop to take place so if you short it is important to buy longer dated puts. I am going to be stubborn here and insist on SPY pulling back and I have bought puts expiring in two weeks time so I should be ok.

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