Sunday, October 21, 2007

Friday's Corrections Marks the begnning of a 'Cup' in a long term Cup and Handle formation on the SPX.







I have been expecting the markets to start a 'nasty' correction that will help setup the "cup" in a cup and handle pattern that should/could propel the SPX into new all time highs once complete.

4 comments:

Doug said...

The charts are starting to look to me like there will be more selling on Monday.

I went long RIMM and GOOG right at close Friday, but I think I might sell those off depending on how pre-market and futures look, they might not have been bargains.

Both are good stocks, but they will follow the overall market. No point in trying to call the bottom right now.

Time Is Money said...

carrying overnight exposure will be extremely risky. I highly recommend you stick to day trading. Intra day action will be so wide and wild that you will be in a good position to squeeze profits without overnight exposure. Good luck, it's gonna be a wild week. Look at the VIX chart. Ohh BOY!

Time Is Money said...

DOUG. check out the futures: they are hinting to a very nasty gap down on monday. I will be looking for a bullish exposure on that gap lower but could be a scary one for those that went LONG friday.

Doug said...

Ugh, good thing I kept my exposure pretty limited as far as the amount I have out there - thanks for the thoughts, Stewie.

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