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September 12, 2012  Wed 12:14 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
U.S. equity indexes ended mixed yesterday ahead of this week's widely anticipated two-day Fed meeting, which begins today.

The S&P 500 gained 4.48 points, or 0.31 percent, to close at 1433.56. The SPX was aided by
strength in shares of IBM.

The Nasdaq 100 slipped in the last hour of trading as Apple sank to a session low of $656.50 before recovering slightly to close at $660.59, a loss of 0.32 percent. The NDX finished down 3.46 points, or 0.12 percent, to 2784.89.

The Russell 2000 held support at 840 to close higher by 2.54 points, or 0.3 percent, to 841.91.

S&P 500
Resistance is now 1434.10, followed by 1438.74 (Monday's high), 1440, and 1444.
Support is now 1433, followed by 1429.24, 1426.20, and 1423.53.
Nasdaq 100
Resistance is now 2788.28, followed by 2792.92, 2800, and 2810.
Support is now 2780.24 (yesterday's low), followed by 2775.72, 2770.71, and 2763.50.
Russell 2000
Resistance is now 843.50, 845.15 (yesterday's high), 847.92, and 850.
Suport is now 841, followed by 840, 838, and 835.
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Sweet Spot Exceptions

As discussed last week, when using the Stock Replacement Strategy to replace a stock position to trade direction, we want to use an option that has very similar characteristics to the stock. We talked about using the deep in-the-money, 80 to 85 delta option that is similar in the Greeks and has relatively little extrinsic value which tends to work against us in stock directional trading.

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