This day started with a quick jump overboard from the sinking FAZ ship. After checking out the charts, I rode FAS for a small gain and then got back off (9.04 up to 9.10). The banks (XLF) are really wishy-washy right now. I looked at the charts for C, WFC, BAC, and GE to get a feel for what the banks wanted to do. They all looked like they were breaking down out of patterns, or about to. But XLF held flat until it dumped at the end of the day. That doesn't mean anything, though, it could be anywhere Monday morning.
Sold out of GM at 1.75 while watching it fall. That chart today had a nice slope: x=-y (get Excel to plot it if you don't get it). It was just begging to get dumped.
I am 100% cash for the weekend and I fee just fine with it. I've been scanning some charts and see a lot of triangles at their points. Since I don't claim the skills to predict which way they will go, I'm going to wait for the patterns to break and look for confirmation next week. I think we're still going sideways, meaning a bounce off support & resistance instead of penetration (huh huh, I said 'penetration'). We'll see.
As for predictions, I did happen to call today's close of 887 on the S&P 500 over at JL's blog (read the comments). Maybe I can read these charts after all.
I know, no charts/pics are boring. Maybe when it's not 12:30AM I'll add some chart-porn.
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