Wednesday, June 03, 2009

I hate it when work gets in the way of my trading

Been busy with the full-time job, so I've been inactive in the markets this past week. Despite all my pessimism since March, I'm finally starting to accept that this rally could continue. I don't see another pivot point for the S&P 500 until about 1014. Here's what I'm watching:

I expect STKL to hover around the 1.84 level all day Wednesday, where it should hit upward support (not shown). I'm going to watch it today for a long opportunity.

ASCA looks like it's forming an Ascending Triangle, but I'm a buyer in two conditions: if it bounces off support around 19.25, or if it breaks resistance around 23.34. Gotta watch out in case this turns into a Double Top pattern.

ABAT is a similar case, Ascending Triangle near it's tip.

I also like to watch the 30-yr Treasury Bonds, ever since I sold mine a short while back. Now that Direxion has a triple ETF for it, I'll be looking to play the T-Bonds through TMV/TMF. I'm long-term bearish the 30-yr, so TMV is my favorite. I might ride TMF down until $TYX hits 44, and then see if support is broken again.

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