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SPYing a selling opportunity on the S and P
Serge Berger, aka 'the Steady Trader', is looking to make a profit from the S&P 500, as US stocks continue to outperform the rest of the world. The index has been sent to record levels since Fed chairman Ben Bernanke announced he would begin tapering his $85bn monthly bond buying programme.
The S&P 500 has rallied around 6.7% off the
June lows on a daily closing basis and last Friday put in yet another all-time
high. This means it has been a very steep 13 day rally, much of it
thanks to up gaps.
As a result, Serge is looking to short the S&P 500 ETF, the SPY, for an entry level at 167.50, for a stop at 169.10 and a target of 163.90.
00:55 minutes
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