Friday, April 24, 2009

Reversal Time
































All these ETFs closed out this week above last week's lows. First time in 6 weeks! Selling looks to have exhausted for now and we could see a bid in these names next week. That's what i'll be looking for. Looks like a great risk/reward entry at the very least.

11 comments:

todd said...

Bring it already!! What the deuce!? Juice this market lower already Stewie! If for no other reason, but to reload long.

Stewie said...

next week will be the bears best shot todd. let's see if the kid's got in him. :-)

Stewie said...

lemme also add but i am not expecting anything big as far as downside. if we see 3-5%, i'd be impressed.

ptg said...

Great call Stewie. Shorting the close today will pay off well imo

Anonymous said...

Indeed, the RSI on the 60 min. chart is pointing downwards, in an overbought condition.

It seems we could Gap down on monday. We'll see if the market sell off as last monday or just another oportunity to buy cheaper in the morning.

Bull channel still underway..

GL GT.

Stewie said...

ptg,

i went long TZA and FAZ right before the close. we'll see how they wanna play these patterns next week. We also got some hanging man candles on the SPX daily charts.

Stewie said...

GT

I am a gut i am not expecting much of a decline, i hope i am wrong on this but i think whatever correction we see develop will be buyable.

Anonymous said...

As you said the other day: if they can't manage to take this market down quickly, then expect more higher highs..

880 is a key level.

http://img509.imageshack.us/img509/1871/gld.jpg

Anonymous said...

Moreover, Atilla is still shorting this market since last two months, as I bet 90% of Traders are doing. So, with so much Bearishness out there and people waiting Spy to get over 875 to cover Shorts, I don't expect much of a downside. Mark Hullbert said he expected March lows to be retested soon. That's on Marketwatch. So I need to see Atilla's closing his Shorts and changing his Bias, to be more confident on the Short side. Top guessing as far as I know has been psicologiaclly disastrous to many people these months. We'll see how this market plays out.

Blue said...

Instead of TZA I've been taking stabs at TNA short. I'm thinking more bang for the buck.

Good resistance at 24.70's

TheTraderOption said...

Sold Inverse ETF's??

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