02.12.10 - China's Gift to Daytraders

Thank you China!  恭喜发财 /88/ 新年快乐  Just as last night provided an opportunity to take a short trade, so too did nice support at SPY S1 with a falling VIX provide a long power bounce well back into yesterday's range.

In fact, today's lows remain higher than yesterday's. However, I think that asking for a higher high might be a stretch -- but we'll see!  I hope everyone enjoys their long weekend.