850 continues to hold on the S&P

November 18, 2008

850 continues to hold on the S&P or $83.58 as seen on the SPY chart. I continue (for all the reasons given on yesterdays post) to believe we are headed higher over the short to intermediate-term. Yesterday’s post pretty much sums up my current sentiment so I really do not have much to say today.

I am currently watching the Nasdaq 100 (QQQQ) and XLF for potential short-term trades in our two extreme strategies. Subscribers, as always, I will send out a real-time trade alert if and when a trade occurs.

Until then, have a great night!

Andy

Overbought-Oversold levels for November 18, 2008

ETF Extremes Options Trading Strategy

* S&P 500 (SPY) - 41.2 (neutral)
* Dow Jones (DIA) - 41.9 (neutral)
* Russell 2000 (IWM) - 32.4 (neutral)
* NASDAQ 100 (QQQQ) - 26.5 (oversold)

Sector ETF Extremes Options Strategy

* Biotech (IBB) - 38.2 (neutral)
* Consumer Discretionary (XLY) - 30.7 (neutral)
* Health Care (XLV) - 39.5 (neutral)
* Financial (XLF) - 25.2 (oversold)
* Energy (XLE) - 49.7 (neutral)
* Industrial (XLI) - 32.3 (neutral)
* Materials (XLB) - 31.0 (neutral)
* Real Estate (IYR) - 29.8 (oversold)
* Retail (RTH) - 33.1 (neutral)
* Utilities (XLU) - 46.7 (neutral)

Ultra Extremes (Insiders Page Only)

* Ultra Long (SSO) - 34.2 (neutral)
* Ultra Short (SDS) - 59.0 (neutral)

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