Wednesday, October 28, 2009
About that Time...
I've been getting itchy to find a solid point to jump into this market. After getting burned over and over again, I've held back to observe the 'pros' and see if I can learn something. Well this recent over-the-top action in the indices is looking ripe for action.
To work with my busy schedule, I've zoomed out to daily charts to look for patterns, but will zoom in for details. It looks like the Dollar might finally get a second chance, as UUP has broken it's falling wedge trend and stayed there with increasing volume. It's already close to resistance, and I'll be watching it and the S&P for further confirmation tomorrow and dip-buying opportunities. But it appears that the 6-month trend has been broken, and a new one must form. Now that trend might still go in the same direction, but I have an itchy-trigger finger that thinks it sees opportunity.
NASA took 2 days and continuous launch-time pushbacks to get Ares 1-X off the ground. I heard several engineers were quoted saying something to the likes of, "just push the button and light it up already!" Likewise, I've held off getting back into the markets for fear of being too late on a trend. It's time to fly.