Hi Shoppers,

We may be due for a pull back here.

The S&P 500 (Ticker: SPX) and SPDR S&P 500 (Ticker: SPY) traded up and over the 200 day moving average yesterday, but just couldn’t manage to close over it.

Remember, the close on the chart is much more important than the intraday prices.

The charts have a doji created yesterday which could be signaling a top here.

I have a quick cheap way to play this.

Check out the ProShares UltraPro Short S&P 500 (Ticker: SPXU) which is the inverse of these indexes and, of course, it has an inverted hammer created yesterday at the bottom of it’s downtrend:

I also have support down at this level.

Looking at next week’s calls:

The 15 calls look like a good deal to me.

Remember to wait for the confirmation this morning of SPXU to trade up for at least an hour.

Trade Review

I last recommended calls in Cameco Corp (Ticker: CCJ).

The stock is kind of wallowing here. 

Actually, it is called spinning tops which means it is gearing up to trade higher.

I would like to see the start of that move higher before I hop in.

I am still watching.

Thanks for Reading … See You Next Tuesday.

Licia Leslie