$SPX 15 Minute: The past three days up looks like an abc (zig zag), so far!
$SPX 60 Minute: Market continues to coil inside the red lines. The question has to be: do we get a break out, or do we need another pull back? If it's a abc up, then a pull back for the final leg of the wedge could start very soon. A retest of the 1,232 and 1,219 zone would make sense in this idea. Again, only below 1,219 is there concern for the near term bullish view.
$SPX Daily: Let's keep an eye on the market because a break out to the upside is expected in the near future. If that happens the market has another 50-75 points up coming.
My Watch List: Since we are heading into Xmas weekend, I think taking Friday off is probably a smart idea.
From My Trading Desk: We were busy today. We sold long positions on CYN, MOS, and MMM for small gains, and we sold ABC for a tiny loss. We scalped a short on BBBY and a long on POT for very nice gains.
I now have the pleasure of calling mom and dad, and telling them they made good money selling pot today, always a fun phone call.
Towards the end of the day, we put a full long on POT.
We are now back to heavy cash and happy to be there. The market is still coiling, which brings elevated risk. Being heavy cash, I can wait for the market to confirm the break out view expectation and trade more aggressively into the names I like with confirmation.
J.D. Rosendahl, Rosey
Thursday, December 22, 2011
|Stock Charts: Market Pushes Right to the Top Wedge Line Posted by J.D. Rosendahl at 2:22 PM||Print Page||Email This Post|
Copyright 2010 J.D. Rosendahl. All rights reserved.