Wednesday, April 15, 2009

Maybe a lil bit left of upside in SPY?


Not saying this with huge confidence, but perhaps a bit more upside in SPY, really only 1 or 1.5 days more then a breakdown out of this wedge or at least to the lower part of this potential upwrad channel. Also possible we fall right away, but I wasn't entirely convinced it was pushing down v hard today. Mixed breadth today, transports and energy didn't sell off too hard.
Note the angle of some of the indicators...more of a gentle drift down if you look as the last 3 days as a whole...despite the strong downward bent of today.

http://stockcharts.com/h-sc/ui?s=SPY&p=60&yr=0&mn=1&dy=10&id=p17612435061&listNum=1&a=165284001

thurs 635 am PST: Sold all longs, SPY calls and TNA in premarket and open.
Will maybe look for a short entry tomorrow.

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