I too bought SRS this am. Under 7.00 it's a bargain (close to
the last low), and the price touched the lower trend line. The
third touch is usually close to the bottom price, it could make one
more low, but I am going to hold my position for a swing trade.
With market being overbought as it is and the max pain numbers
significantly lower, it's a good risk/reward trade for me.
Now that they have taken out the last known significant
resistance, the game becomes interesting. They could either
reverse right here without making another up Monday -- they
don't have to now! -- or they could make a new high about 4-6%
higher than the January high. Either way, I don't see a reason to
bring this market much higher now, and MA(20) on monthly charts
could serve as a turning point, for example. I would not guess what
they will do, but it's obvious that for them it's "mission
accomplished". FWIW.
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yes going to hold till
there are trader here who buy SRS ?
Posted by honzer on 5th of Mar 2010 at 12:23 pm
yes going to hold till wed next week to see what plays out after weekend
I too bought SRS this
Posted by junkie on 5th of Mar 2010 at 12:35 pm
I too bought SRS this am. Under 7.00 it's a bargain (close to the last low), and the price touched the lower trend line. The third touch is usually close to the bottom price, it could make one more low, but I am going to hold my position for a swing trade. With market being overbought as it is and the max pain numbers significantly lower, it's a good risk/reward trade for me.
Now that they have taken out the last known significant resistance, the game becomes interesting. They could either reverse right here without making another up Monday -- they don't have to now! -- or they could make a new high about 4-6% higher than the January high. Either way, I don't see a reason to bring this market much higher now, and MA(20) on monthly charts could serve as a turning point, for example. I would not guess what they will do, but it's obvious that for them it's "mission accomplished". FWIW.