SPY STILL MEETING RESISTANCE

It looks like a lot of sideways movement for the SPY for a while. It is bouncing in between a rectangle bordered by $108 on the low side and $112 on the high side. Well, consolidation is good after this type of run. I day traded the SPXU which is the 3 times inverse SPY. Not much of a gain today, but commissions may wipe out my profits unless I reach the threshold with Tradestation's requirements.

I am adding my current trades to this blog to show what I did today. Click on the image to enlarge. I rolled a lot of covered calls today including those in GLD, HMSY and SLV. For SLV, I set out to sell some covered calls when the ETF reaches near $19.17. Here it will meet resistance from a previous high back in July, 2008. Click on the chart to the right to see what I am seeing.





HMSY has been behaving very nicely and there is a convergence of two trendlines at $43. I am watching this area fo an area of convergence and possible continuation of the uptrend. The blue line seen on the chart is a trendline from a low produced back in March, 2009.








I am also including my open positions so that I can keep track of them and plan for the future.