Being happy doesn't mean that everything is perfect. It means that you've decided to look beyond the imperfections.
Unknown
Friday, March 13, 2009
Thursday, March 12, 2009
Mom Out of Half
We remain in a bear market and it is prudent to realize profits on long positions.
Here was THE ENTRY for this trade.
Here was THE ENTRY for this trade.
Textbook Inverse Head & Shoulders Pattern
The Russell 2000 (IWM) has broken the downtrend line which has been intact since Feb 6. At the same time it has completed an inverse head and shoulders pattern with price now at the important neckline. A move above the neckline would project a continued rally equal to the height of the head to the neckline (blue arrows) near 41. The 41.00 level is also an approximate 50% retracement of the decline from Feb 6 high to the recent low. Also shown on the chart are the 5 day MA (red) 10 DMA (blue) and 20 DMA (greeen). The primary trend remains lower so be sure to protect profits and let the market action dictate how long to hold. Be prepared for anything.
3 Day VWAPs Held
The VWAP from the move which began on Tuesday held as support and now the markets are back up to key levels of prior support. Mom's stop on QQQQ is now at 27.42 which would lock in approximately one dollar from entry.
Wednesday, March 11, 2009
Stock Market Video Analysis 3/11/09
The chart below is of the SPY, everything in the yellow box is completely made up. It is not a prediction, just a scary (if you aren't prepared for it) scenario that could occur. As mentioned in the video, I have small long exposure, but I am not comfortable being long in a bear market.
Stock Market Video Analysis 3/11/09 from brian shannon on Vimeo.
Digesting Gains
I am not expecting big direction in the broad markets as they digest yesterday's gains at key levels. Breadth remains strong with 2061 Advancers and 869 Decliners. A slight pullback would be welcome.
Subscribe to:
Posts (Atom)
Posts
