Hi everybody, I hope everybody had a good trading day and had a chance to take some off today's profit off the table. We had the bulls take back control and push this market higher on lighter volume. The XLF managed to get back in a key channel and the SPY managed to get a nice bounce off of the 20 day Moving avg. I believe we are now in the process of going back to test the previous highs on the SPY and XLF were I do believe we will fail and give yet again another perfect entry to go short these markets. However, if we do not reach those levels and weakness starts to come before those key levels, placing a short trade with a stop above the closest resistance on the 60 min charts will be a great trade going forward. I have an interesting video today that will give you an excellent guide to formulate a playbook before tomorrows open. I also show you how we here at askchrishetrades.blogspot.com called that nice rally in the XLF and how we used the VIX to gauge the move of action that we could expect to come in. So check out the video and enjoy the analysis! Also if I haven't told you yet, you can catch my same great analysis at stocktock.com an excellent site for traders and great community of traders to learn from.Thanks
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