Thursday, April 16, 2009

At Cross Roads

We are at crossroads here. I am expecting a possible breather to start to take place soon. We are at crossroads on many indexes i track and we should see battle here. Who will win? Hard to tell right now. Expect anything and be ready!


Shawn said...

My gut says we break down.

1) SPX 875 is huge resistance.
2) VIX has a descending triangle. Support trends at lows of end Feb, Mid March, and yesterday low.
3) Financials accounting gimmicks no longer pushing up the stock price except WFC. Check JPM and C. Reaction is now mucted and priced in.

Stewie said...

i say we go up next week.

ptg said...

Hey Stewie. It sure looks like we go up next week if you look at long term charts, but we are going down Monday imo. It's possible we go down hard into Tuesday so if you're thinking to go long you might want to wait. Look at a 6 month graph of the dollar. It appears to have broken out of a triangle to the upside. That will put alot of pressure on the market especially since the market was propped up into opex. I'm heavily short over the weekend. I'm not saying we don't go higher, but I think it'll happen after one more healthy pullback. Good trading!

ptg said...

You may be right, but I think if we do go up, it'll be on Tuesday. We shall see.

Stewie said...

ptg: dude. i am left scratching my head looking thru charts this weekend. My tape reading from friday's trading session says we go next week but looking thru SPX and DJIA charts, it appears that we drop on monday and it could be a good drop too. looking at the MID cap and Small cap, trannies index, there's no sign of pullback yet. going back to the title of this post, i think WE ARE AT CROSSROADS. VIX keeps tanking since it broke 40. very very tough to call here but i am thinking down on monday.

ptg said...

Now that we went up today, I think we surge in the morning one last time for a retest of the wedgie. That will be the time to go short into Thursday. imo Good luck!

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