SMB Morning Rundown – June 4, 2010

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Today, the Market appears set to open lower. The levels we are watching in the SPY are 108.75 (res) and 107.60 (Sup). Below 107.60, the next support level is 105.50. Above 108.75, the next resistance levels are 109.38 and 110.80.

Our best AM Idea for today, which we highlighted in our AM Meeting watch for a move over 108.70 in the SPYs for a pop into the 109.40 area. If further weakness occurs, expect SPYs to come down to the 108.00 level.

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