SPY: Stocks Wait For Yellen's Speech
Warren Bevan | Aug 26, 2016 02:32AM ET
"Be so good they can’t ignore you.” Steve Martin
Pretty quiet and choppy action still as we await the Janet Yellen speech today from Jackson Hole, the rocking ski resort!
I’m not interested in any buys, or sells for that matter, until we see how markets digest Friday's speech so there is a lack of topics to really talk about.
We are seeing support areas being tested the past couple of days which isn’t that fun, but it is a part of the trading game.
SPDR S&P 500 (NYSE:SPY) is holding the lower support area at 217.50 or so, so I’m holding on in anticipation of today's speech contents.
I’ve got a 10% weighting from 202 still with 217.50 my stop area on a closing basis.
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