Thursday, April 16, 2009

BreakOut Updates








If te bulls stand their ground here, that'll make two late showing into the close in a row. This is what you want to see if you are long equities. One hour left, plenty of time for drama. Let's see if they can press it....

6 comments:

ptg said...

How's it going? Like I said earlier today would be strong day after dip. Rally isn't over yet believe it or not. Tomorrow should see further up movement. I'll be selling my longs there.

Shawn said...

Stewie, nice charts.

Do you think SPX 875 is the IT top, or you think this rally has legs all the way to 900+

I am thinking a possible SPX 875 tripple top backing down to SPX 800 for a nice inverse H&S.

By the way, I am watching VIX $33 for a possible top in equities.

Thanks

Stewie said...

ptg: you've been like a prophet. i am with ya bro.

Stewie said...

shawn; we are in breakouts. don't try to pick a top here. if you do, keep stops tight. this train could run to 900 in a jiffy. stay long until the trend stops paying out.

Shawn said...

Thanks Stewie. I see that BKX and XLF are lagging with XLF volume not conforming, and SPX 875~877 is huge resistance.

Definitely would like to see more of your insightful charts as they have been very helpful for me to assess the risks.

ptg said...

Sold most of my longs today and letting some run. Not worth getting greedy, but I think many shorted at 870. They could be in for a surpise tomorrow. We'll see. Tomorrow is not as clear to predict as today was although I'm leaning towards very choppy action w/ a lower close. Good luck!

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