93 replies to this topic
Posted 08 March 2012 - 04:44 PM
as i glance at the daily charts, like the Dow, i have 2 scenarios
1. the continuation of WW where there is no stopping this thing and the slow grind to new highs goes on, but that's almost too easy
2. my gut says, that this run fails up here on the Dow at the 10dma and that mini h&s top to 12400 plays out into next friday for quarter expiration, then the quarter end markup and run to new highs to july begin. this is probably wishful thinking as why should scenario 1 ever stop
either way, i way until tomorrow for clues on the charts
Posted 08 March 2012 - 04:46 PM
Nice chart, Doc. That resistance line was good enough for me to sell the rest of my calls aquired at the touch of 1340. More like 1341 but I wasn't quibbling.
Other than that resistance line all I got is the major Fibos up at the previous highs.
I'm getting better at holding my positions longer, leveraged though they are. Bigger rewards.
Anthony caused pearls to be dissolved in wine to drink the health of Cleopatra; Sir Richard Whittington was as foolishly magnificent in an entertainment to King Henry V; and Sir Thomas Gresham drank a diamond, dissolved in wine, to the health of Queen Elizabeth, when she opened the Royal Exchange; but the breakfast of this roguish Dutchman was as splendid as either. He had an advantage, too, over his wasteful predecessors: their gems did not improve the taste or the wholesomeness of their wine, while his tulip was quite delicious with his red herring.here
Posted 08 March 2012 - 04:47 PM
need to back as far away as possible from that downtrend line from the highs before the close
Posted 08 March 2012 - 05:06 PM
No change on my ES & NQ short.
Still holding a few AAPL 530 puts.
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