Posted by hurricanemalta on 27th of Oct 2011 at 10:34 am
Sorry I haven't looked at many posts or newsletters
recently so excuse me if already posted but my simple chart shows
blue $SPX uptrend line since 2009 with FIVE touches and red H
and S neckline and 200 day ma all offering resistance on this
backtest.If this isn't an objective short I have no idea what
is!BUT this seems a completely broken stock market so maybe none of
the above matters anymore.
Posted by hurricanemalta on 27th of Oct 2011 at 10:56 am
Note the MA 200 (blue) touches ..many times we get a bit
of an overthrow at the MA 200 to flush out weak hands so I am
hanging in here with a half position taken at the open and
plan to add even if we move a little higher.Of course the MACD etc
is straight up so we are fighting some bullish indicators for
sure. I am not planning on exiting so quick but I must admit that I
have had timely shorts on this recent move up and covered
well so I actually am happy to let this short ride a bit more even
if it moves a bit against me.That said stop losses are vital but
I'll give it a bit of room anyway as just is such a dream short
IMHO.Confluence of resistance from 3 major lines.As I said if we
don't short here where do we short?
SPX daily..got to be an objective defensible short here
Posted by hurricanemalta on 27th of Oct 2011 at 10:34 am
Sorry I haven't looked at many posts or newsletters recently so excuse me if already posted but my simple chart shows blue $SPX uptrend line since 2009 with FIVE touches and red H and S neckline and 200 day ma all offering resistance on this backtest.If this isn't an objective short I have no idea what is!BUT this seems a completely broken stock market so maybe none of the above matters anymore.
Yes I agree with you
Posted by xxnileshxx on 27th of Oct 2011 at 10:43 am
Yes I agree with you and I am taking some very small shorts here but will exit quickly if we move up much higher then this.
note the MA 200 common overshoot to flush out weak hands
Posted by hurricanemalta on 27th of Oct 2011 at 10:56 am
Note the MA 200 (blue) touches ..many times we get a bit of an overthrow at the MA 200 to flush out weak hands so I am hanging in here with a half position taken at the open and plan to add even if we move a little higher.Of course the MACD etc is straight up so we are fighting some bullish indicators for sure. I am not planning on exiting so quick but I must admit that I have had timely shorts on this recent move up and covered well so I actually am happy to let this short ride a bit more even if it moves a bit against me.That said stop losses are vital but I'll give it a bit of room anyway as just is such a dream short IMHO.Confluence of resistance from 3 major lines.As I said if we don't short here where do we short?
At the bottom...like I usually
Posted by dylan398 on 27th of Oct 2011 at 10:57 am
At the bottom...like I usually do...:)
Nice chart. Nice argument. Nice defensible/tradeable position
Posted by johnc on 27th of Oct 2011 at 10:37 am