Saturday, April 18, 2009

Here it comes

Options expired today, and earnings are about through. All the banking information released is total bunk, yet I still don't get tired of getting burned by FAZ. Direxion triple ETF's have now earned the term, "Devil's ETFs". Now is not the time to make a deal with the Devil, but soon....soon.

S&P 500 is reaching a critical point of decision: a rising wedge starting to touch a fairly decent line of resistance. This is very Bearish, indeed, and I'm itching to short the S&P and get it out of my system.

GS has settled around the 120 mark that I suggested in my last post, and is closing the gap to the 2-yr old resistance line. The top is around 126 here, but since that line goes so far back, I'd have to keep it exact number a little fuzzy until it gets defined. It may end up being a thick line with a hi-low range, so I'm not going to worry about it. GS likes to move in the direction of the Indices, so if the Dow goes down, GS might follow. There's still some room on this ceiling, though, and I won't be surprised if it finally gets touched before any real moves down.

I'm currently reading Jim Rodger's A Bull in China. And I just so happen to keep hearing recommendations by the pros for FEED (Chinese owned). I jumped in today and got stopped out before the close. I will look to get back in around 3.00, this might be a good long-term play.

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