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.
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11 comments:

  1. UnknownApril 24, 2009 at 6:04 PM

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

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  2. StewieApril 24, 2009 at 6:12 PM

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

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  3. StewieApril 24, 2009 at 6:13 PM

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

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  4. ptgApril 24, 2009 at 6:34 PM

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

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  5. AnonymousApril 25, 2009 at 9:19 AM

    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.

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  6. StewieApril 25, 2009 at 9:24 AM

    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.

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  7. StewieApril 25, 2009 at 9:25 AM

    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.

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  8. AnonymousApril 25, 2009 at 9:30 AM

    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

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  9. AnonymousApril 25, 2009 at 9:41 AM

    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.

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  10. BlueApril 25, 2009 at 4:05 PM

    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

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  11. TheTraderOptionApril 27, 2009 at 6:49 AM

    Sold Inverse ETF's??

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