Matt or Steve, do you have any intraday commentary on today's
S&P price action? Because right now on the 10 min chart
it looks like a bull flag. And the run-up from the morning
low to the afternoon high was on good (but not incredible) volume
on the SPY. If today ends without any serious pullback, I
think I'm going to stick my neck out and go long, perhaps w/ SSO,
for a fairly substantial position, like 20% of my (small!) account.
Stop: the low of last week. I'm mostly in cash at the
moment.
An alternate view: the daily candles of yesterday and today
(assuming it closes green but not a lot higher than current highs)
could be construed as a falling three methods, which means we
haven't hit bottom yet.
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Steve, is it time to go long SPX?
Posted by frtaylor on 5th of Dec 2012 at 01:58 pm
Matt or Steve, do you have any intraday commentary on today's S&P price action? Because right now on the 10 min chart it looks like a bull flag. And the run-up from the morning low to the afternoon high was on good (but not incredible) volume on the SPY. If today ends without any serious pullback, I think I'm going to stick my neck out and go long, perhaps w/ SSO, for a fairly substantial position, like 20% of my (small!) account. Stop: the low of last week. I'm mostly in cash at the moment.
just went long on the
Posted by frtaylor on 5th of Dec 2012 at 02:19 pm
just went long on the break of the flag, stop below the flag. Day trade only, though.
An alternate view: the daily
Posted by frtaylor on 5th of Dec 2012 at 02:00 pm
An alternate view: the daily candles of yesterday and today (assuming it closes green but not a lot higher than current highs) could be construed as a falling three methods, which means we haven't hit bottom yet.