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September 19, 2012  Wed 12:14 AM CT

NDX: SEE CHART GET CHAIN FIND STRATEGIES
Equity indexes ended mixed yesterday with further profit-taking after last week's strong rally.

The S&P 500 lost 1.87 points, or 0.13 percent, to close at 1459.32.

The Nasdaq 100 added 0.94 points, or 0.03 percent, to close at 2857.38 after shares of heavily weighted Apple closed above $700 for the first time.

The small-cap Russell 2000 declined by 1.97 points, or 0.23 percent, to close at 856.93.

S&P 500
Resistance is now 1460, followed by 1462.39, 1464.90, and 1470.
Support is now 1458, followed by 1456.38, 1455, and 1450.98.
Nasdaq 100
Resistance is now 2858.50, followed by 2860, 2865.37 (yesterday's high), and 2870.
Support is now 2854.16, followed by 2850.82, 2845.54, and 2831.14.
Russell 2000
Resistance is now 857, followed by 859.80, 860, and 862.
Support is now 856, followed by 854.70, 852.18, and 850.
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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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