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The S&P 500 Index formed a hammer for the session on Thursday, as traders try to sell the market off but failed. It now looks as if the 1450 level wants to act as somewhat supportive, and we think that this market could go higher as a result.
With the Federal Reserve and its expanding easing, asset prices of most "risk on" assets should continue to rise. The S&P 500 index will be no different, and as such we believe in having a "core position" of the SPY ETF in order to stay long of the market through thick and thin. However, on a break higher and above the highs from last Friday, we would be willing to buy S&P futures as well.