But I don't think the rally is going to go away for much longer. Watch for a head fake to the upside next week.
Friday, May 27, 2011
Deal - No Deal
A quiet day before the Memorial Day weekend. But look down at the Daily chart and you'll see a trendline going down that withstood buying activity once again after many tests.
But I don't think the rally is going to go away for much longer. Watch for a head fake to the upside next week.
But I don't think the rally is going to go away for much longer. Watch for a head fake to the upside next week.
Sunday, May 22, 2011
A Reversal?
We have a similar set-up like the one we saw a month ago on April 21.
While we have technical formations clearly showing reversal in buying strength, price may take a short break and resume to the upside.
A good breakdown will provide a very profitable summer, similar to 2008 when we saw record-breaking swings that yielded massive profits.
Either way, I am ready to trade one-day-at-a-time and take what I get.
While we have technical formations clearly showing reversal in buying strength, price may take a short break and resume to the upside.
A good breakdown will provide a very profitable summer, similar to 2008 when we saw record-breaking swings that yielded massive profits.
Either way, I am ready to trade one-day-at-a-time and take what I get.
The charts below give evidence to a good and profitable day Friday.
Thursday, April 21, 2011
Déjà vu -- April 21 - 2011
Looks like we're right back where we were on April 1 (see last post).
Back then I felt a correction coming on (Well, not really -- the indicator on the weekly and monthly charts were giving me clues.)
We should know this coming week of April 25 if we're going up through the February high of 1343 or if that level will be strong resistance.
Saturday, April 2, 2011
APRIL FOOLS... NOT YET
After a good day of trades I got nicked for a point and a half into the close. I lost perspective because I didn't obey the buy signals on the 2400 T, 3000 T and 4000 T.
Thursday, March 10, 2011
Sunday, March 6, 2011
March 4th: News Traders Got Hit
Those who listened to the "good" economic news got a surprise. The market sold off taking money from traders who were thinking "buy".
It was a textbook day with clear sell signals at the jobs report at 8:30 am.
It was a textbook day with clear sell signals at the jobs report at 8:30 am.
Looking at the daily chart, it seems to be defying gravity. We'll have to watch each day to see if these LML signals play out. We don't have any LML signals on the weekly or monthly charts yet so pay attention. We may just continue to see a rally.