I SPY an Impressive Reversal

I won't say trendlines or resistance points always matter. Everyone knows there will be times when a stock just does what a stock is going to do regardless of resistance or support level predictions. Sometimes they really do matter though.

I avoided Priceline (PCLN) on earnings last night because the options were pricing in a much larger move than I had projected on my chart. Worse yet, I had support and resistance levels well within the confines of even my more conservative earnings outliers/targets. Ideally, I would have been selling premium, but I just didn't have enough time to measure out a comfortable trade. There were too many other things going on. And PCLN has stayed within the very tight range post earnings. It has touched both intraday support and resistance....280 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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