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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives -- Ignore unavailable to you. Want to Upgrade?

To: penthouse mike who wrote (30713)	4/11/2012 9:12:21 AM
From: GROUND ZERO™	2 Recommendations Read Replies (2) \| Respond to of 218627

Good Morning Mike, No, there are no VP's upside since the model is now short and looking down and not up... although, what might be considered something like an upside VP (although not really the same thing) would be the overhead price that would trigger a buy signal and that would be around 1408.60 for today... this means the market could rally all the way up to that price today and still be in a down trend... the overhead buy price would definitely provide resistance, we all see how the market typically struggles at those buy and sell prices... Here's my strategy for now: My model is short from the sell signal last week, but we did hit a major VP, so today's rally is almost a done deal... after today's expected rally, I will remain long my new positions and watch to see how the market behaves... if the market begins to move lower again and head down below the 1361.60 VP again, then I would suspect the market is likely to continue to newer lows... but, if this market can trade sideways, up and down but not that much, until April 24th which is the deadline date for this round of selling and close above the 1361.60 VP on that date, then we would have a newly confirmed buy signal on that day... so now, I sit with my longs which I picked up yesterday and wait and see... if the market breaks much below the VP again, then I'll get stopped out and will either go short again or stay flat until the next signal... Was this clear and was it helpful? GZ