Uptrend Broken But No Follow Through

Uptrend Broken But No Follow Through

Yesterday looked like the beginning of promising downtrend but at the very end of the day (in the last 5 minutes) SPY rallied into the close and now is set to gap up and open at 114.8 on news that Japan is cutting interest rates. For today I expect SPY to trade as high as 115.5-115.7, possibly 116. I will be exiting my puts at open because I highly doubt that this gap gets filled and expect further upside. I will look to short over 115.5.

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