The SPY last night had a strong movement. It kept going upwards with a relentless thirst for more. Buyers who probably sold off in a hurry since last week's woes on the US facing a fiscal cliff and the European Crisis, seems to be a thing of the past.
Buying pressure was heated right up till closing. The SPY finally closed at $137.13, making gains of USD 2.76 and hitting a high of $137.15. Scary scary! Premiums interestingly was muted at $0.08 and it represented a 1.6 times increased in premiums.
That all sounds good, but what sounds better is that the SPY futures now is trending in negative territory. Which either means flat opening or a reversal. Of course it may be trending upwards, though quite unlikely after yesterday's showing.
Ok that's all for now! Short long week ahead!
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