Just checking in after being away all day...I completely agree
with johnc statement. As you are aware, my personal approach was to
exit my longer term positions back in the spring. Since that time,
market has gyrated in a 100 point range (up and down) for the past
several months. Thus, a trading strategy was very appropriate with
several swings up and down during that time. Over the past few
weeks, I have highlighted the pattern this action has formed which
is a contracting triangle that now appears to favor a downside
resolution. The short term trend turned NEGATIVE once the 1330
support area was breached last week - this was discussed prior to
the break. This was another objective area for a swing short that
may turn into a much longer term play should the market break the
key pivot levels discussed in the weekend newsletter (please
review). I will post some updated charts since that time.
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Just checking in after being
FYI - This week, no newsletter this Tuesday
Posted by steve on 2nd of Aug 2011 at 08:03 pm
Just checking in after being away all day...I completely agree with johnc statement. As you are aware, my personal approach was to exit my longer term positions back in the spring. Since that time, market has gyrated in a 100 point range (up and down) for the past several months. Thus, a trading strategy was very appropriate with several swings up and down during that time. Over the past few weeks, I have highlighted the pattern this action has formed which is a contracting triangle that now appears to favor a downside resolution. The short term trend turned NEGATIVE once the 1330 support area was breached last week - this was discussed prior to the break. This was another objective area for a swing short that may turn into a much longer term play should the market break the key pivot levels discussed in the weekend newsletter (please review). I will post some updated charts since that time.