Tuesday, July 14, 2009

Potential move to 920-925 in SP500



That would form a second right shoulder and provide more symmetry to the whole pattern which was lacking before. At that point, the 5,3,3 stochs should be maxed out on the daily making things moderately overbought in the intermediate term.

3 comments:

gerard.ogrady said...

Nice analysis although I couldn't really make out the chart. Are you suggesting that we retrace down to about 845 after the potential move to 920-925?

Greenlander said...

Thats the possibility that Im looking at. Really either that or we retest highs.

gerard.ogrady said...

Just gone past 125 now - looks like it my be making a play for those highs. The action is incredible out there. Unfortunately exited most positions late on Mon and am sitting mostly in cash...

Aug 25 - Re-entered (again) GLD short, long LVS, AMZN, NFLX, SHAK

I have been stopped out twice in last few weeks trying to short GLD.  I have a pretty sizeable position of Nov/ Dec GLD/ GDX puts. Also ha...