Out of Oil and SPY

My USO position and my remaining SPY covered call positions were called this weekend, so I’m back to about 90% cash.  Despite the scary stuff in the last couple of weeks, they ended up yielding their maximum profit potential.

Oil looks expensive right now, so I wouldn’t be surprised to see a pull back there.   The S&P 500 could certainly go higher with this rally, but looking at the 250 day chart the resistance level at 111 really stands out.  This one could be tough to break through. Click chart to enlarge.

SPY22Feb10


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