The market this week pulled back into Thursday as the Fed and ECB both disappointed traders by not starting any new stimulus for the struggling economies and debt crisis. But it seems the threat of action has kept the market afloat and in tradable channel. This video outlines the next major resistance levels we’re looking to short next week using Fibonacci analysis, moving averages, and support and resistance. It also includes a couple long trade ideas in INTC, BA, and CAT.
Weekly Market Wrap Video Transcription:
Welcome to the StockOptionAssassin.com’s weekly video for Swing Trading Options. This is Eric. Today is August 3rd 2012. We’re about 20-30 minutes before the close today. Let me go ahead and do video here.
I’m going to start off with the SPYders. Basically, just to recap the week, we had the Fed come out. Their meeting was Tuesday and Wednesday. Basically, they’re not doing anything yet. Then you also have the ECB which had a big threat last week. You can see the surge we got last week. Then as we pull back during the week, we came right back into support. ECB disappointed yesterday. There was a little bit of a selloff. Then today, there’s a just a big pop and we’re actually starting to pull off the highs. We’ll see how we actually close today. But right now, we’re definitely off the highs. We’re still up 1.8%.
What’s interesting is that the….