MuskyGuy
Long

SPY Bounce Time off of Support

AMEX:SPY   SPDR S&P 500 ETF
96 0 1
I know today was not great and the bears are screaming that the correction is beginning but all we have really done is get back into an oversold condition with support right below us and we are sitting right on a lower trend line from a downward channel..

A coiled Stochastic on the fast time frame could equal a nice pop and push back up to the top of the channel or at least a retest of the 200 MA on the 60 minutes chart. Feels like the MM are at it again. Draw in the shorts over a week or so and then pop the market and grind higher while they cover. All just my opinion but I bought Calls into the close today assuming that this hypothesis is correct.
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