10.11.13 Nice Recovery…but can it stick?

Price made a nice recovery jumping +47 S&P handles on reports that there actually may be some negotiations on CR and Debt-Limit. Markets welcomed that news and responded in-kind. So far both sides have agreed to talk…or perhaps “agreed to agree to talk”…Typical Washington double talk…In any case markets responded positively…But can it stick?

Today’s CPZ 1668 – 1678 (fairly wide) so anticipate this zone to act as support if tested. Prior Session High (1687.75) is initial resistance…Penetration and hold calls for 1692 – 96 zone as target. Barring any negative news price should find a bid on pullbacks.

Stay focused and disciplined.

Good Trading…David

Habitude Three
I am willing to accept loss. Losing is an integral part of the process. I know and accept that individual losses and losing periods will happen. They are endemic to trading. I do not like loss. I do not expect loss. I simply accept loss as a cost of doing business.