I posted these charts a few days ago. GS topping out and UUP likely in a bottoming formation now. Both will affect the equity markets in a negative way if that is indeed the case. Fasten your seat belts, we could be in a roller coaster ride.
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Tuesday, September 1, 2009
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6 comments:
Possible trend changes on 60day 1hour bar linear regression channels:
BIDU CAKE MA HK TNA WYNN EGO SWC SNDK LNN SLR SPY PBR
http://www.gamingthemarket.com/charts
Stewie, have you taken a look at UNG? That commodity has been on a relentless decline!!
It's sooo oversold and I wonder if your system could identify a short squeeze bottom price? Thanks.
I am looking for a possible entry at $9 based on simple trend line
hi GTM. nice to see you again bro. it's for ever! hope you are well.
shawn: UNG looks to me to have no bottom yet. patterns like these usually end in climatic selloffs. I'd look for a high volume session with a gap gap down for a possible clue. but i see not bottom yet.
Hey Stewie. Congrats on the success of your service. I love your feel for the market and follow you closely.
It's an interesting spot on many two month channels. I can't tell which way we'll go. Back to business as usual or a change in trend? It certainly feels like new seasonality could be here. SPY LEAPS are my fav. swing trade right now. The chop is brutal otherwise.
Hi gtm, my personal opinion is we will correct here but there is a very high likelihood that this correction resemble the correction we saw in June. "feels' much nastier than what the numbers show, suck more negativity and bearishness and then rally again.
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