Friday, February 15, 2013

Selling in the morning...

As the chart below shows there was some selling this morning in the SPY.

I expect some sort of pullback in the averages as this nation goes into the "sequester" debate/decision.
The republican response to the state of the union address was the same old talking points so I expect more of the same obstructionism.
It seems to me that any large players would be reticent to add to positions ahead of such an event as the budget debate. And I expect the traders will start to pull back as well. Of course mom and pop are probably looking for a pullback to buy......

Here is a 5 minute chart of the SPY this morning....


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