Looks like another Judgement Day in about two weeks or less. Is this an Ascending Triangle, or a Rising Wedge? Perhaps a rising wedge embedded within an ascending triangle? Ok, ok, I made that last one up.
Talk of the day has been about the S&P hitting it's 200 day MA. But I like to look at the EMA's, and the 50 week EMA has a few more points, currently at 986.
The markets have been a bit more choppy, so there are less entries. Those who are long are staying long, those in cash are staying in cash. We are currently overbought, but that has meant little during this rally so far. I've been busy with work, so I haven't had a chance to watch the tape and find a time to jump in. My only holding is GSI right now, as I got stopped-out of FEED for a small gain this morning.
I'm still itchin' to go short, but I'll go long with the trend. The problem is that the trend needs to blow off some steam.
As for conspiracy theories, I read this today, which really go the fear juices flowing. The strangest thing that came to me after reading this story was this thought: If the institutional investors have stepped-back to the retail investors trading these days, how can GoldmanSachs program trade and control the markets? Perhaps their volume is still great enough, it's just that the other big dogs know enough to stay out for now?
I'll be watching my usual, small basket of stocks for entries. Updates to come.
2 comments:
cliffynator-
thanks for reading my blog. There is a guy on CNBC everynight with a really big mouth. When he emphasises a stock where either it trades a lot of volume in after hours and/or goes a lot higher in after hours. He talks about a lot stocks each night but I try to only look at the ones he effects the most each night. There is usually only 1 to 3 stocks each night that fit that category.
today's would be ONNN.
another thing - my brother works for JPL in Pasadea for the last 25 years.
Post a Comment