<font color=purple> This first one is free.
The most obvious thing I’ve noticed in the last 6 months is the skew put on the bottom move in the U.S. markets by the Fed injecting all that dough in late September. The indices all bounced much higher than “normal”.
COMP – current 90 day resistance is 1976, support around 1688. Going long in that support area would be attractive because the risk is clearly defined, it’s the Sept bottom. I wouldn’t jump the gun on it, either. I’d wait until I see a good bottom formation first.
DJIA - very tough to read. The sheep TA people will find 90 day support at 9700 (where it is right now) but I feel that is a false support level, again due to the skew by the Fed. I see more in the 9400 area, but the INDU is a tough read for me right now.
I see nothing particularly alarming (negative or bearish) about either chart. I’m playing short at the moment, and have been for weeks, but I’m not holding positions for 90 days.
SPX – 90 day support at 450. This one looks a lot like all the others but is easier for me to read. I won’t short that chart after it bottoms at 450
XAU – this one looks good long at the moment for a 90 day hold or longer. Any long entry is fine because risk is clearly defined, support is just below 50. XAU looks ready to move to 68. A long entry around 52. 50 would be nifty. My buddy Jorj nailed this one in a very major way.
SPFIN - I’d short it and GTFO if it goes to 370, which it won’t. If it doesn’t go to 330, I’m wrong.
DJU – another clean 90 day read, this one also looks attractive on the long side. Entry at 282 and risk is clearly defined at 275. It looks like a bottom to me, but I was all over CSCO at 59.95 (sale price) some time back, so uh…..
DJT – 90 day chart is forming a very bearish pattern here, same pattern as July-Sept 2001 if you want to check it out. Very clearly defined short risk parameters, but this one can follow other ones that don’t look so bearish, eh?
MID - If you want to short something for 90 days, this is the index to short. Short at 507, risk is 12 points, if it forms the rest of the bearish pattern, look for a stall at 470 and another stall at 450
Finally SHSWR – I know you probably follow this one – I have a clearly defined sell signal on this index. If you’re in the SHSWR and are long, I would trim my position for sure. If it breaks 87 I’m wrong. I’d be looking for 72.
A cautionary note: may cause vomiting if taken internally.
AND! You missed another one, sleepyhead.
Message 16948125
Chee-Tos? Ginger Ale? |
