Saturday, March 14, 2009

The More I Watch My Previous Post's Charts..

...The more bearish i feel going into next week. i know i know, i do sound crazy to doubt the bulls right now, but i gotta trust my gut here and go out on a limb and say the bears will be back next week.

The candles printed on FAZ, SKF and TWM are very bullish.

7 comments:

Momo Stock Trader said...

Stewie,

You know, it seemed like this week the rally was a bit forced, and 2 of the 4 days were barely up days. I think I got suckered in mentally to being optimistic and letting my QQQQ calls go into a weekend hold (at least its a papertrade only). Yep we could be in for some down days. It certainly can't help that AIG is fighting the Government on Bonus money (WTF), that Madoff thinks he doesn't have to actually sit in jail (take it like a man, dude!), and that China feels it had to publicly worry about the safety of US Treasuries.

Stewie said...

momotrader: in this market sentiment turns on a dime. we could go from wildly bullish and turn very bearish in 24 hours.

Cliffynator said...

I think the rally was fueled by the Madoff semi-closure event.
When they train pilots they tell them, "Trust your instruments. No matter what you think you're feeling or seeing out the window, trust your instruments."

Tushar said...

Stewie: Can you say when to get out of FAZ train; around what tick? I am holding since 40.67.

Stewie said...

tushar: i like FAZ as a possible swing. i think that you have an excellent cost basis. but just in case the bulls decide to press higher, i'd lock in a stop at $37. looking for a possible bounce to target at least $55 but it might take several days of the pattern to ripen so you might need to be patient. good luck but as of now i like this trade.

Blue said...

Quadruple witching week. Prepare for fire and hail. The market makers are going to whipsaw this tape so hard and so fast. Either take profit often with tight stops or have extreme conviction.

I like AZO short
MA short
Google short
FSLR short

SKF and SRS long on every vix spike

Stewie said...

interesting you are eyeing only short setups blue.

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