Thursday, November 18, 2010

Between A Rock And A Hard Place





The index charts are a complete mess at this point. We are literally stuck between a rock and a hard place! Very hard to tell what the indexes wanna do here: My Guess is we are likely going to see some choppy sideways action for the next few days. So be prepared for this and be very careful chasing strength and shorting weakness. This might not be the best strategy!

Attached is the NYMO chart which bounced nicely today as anticipated and we are no longer oversold as of now. So a few days of digestion is to be expected.

I also attached a chart of the DIA 60 min charts: which shows that we literally hitting resistance right here, right now. Even more reason to expect some hesitation and some digestion around this zone.

And a chart of JKS as a possible play for tomorrow or monday. Looks prime for a bounce soon.

Tomorrow is Options Expiration(OPEX) so be even extra careful as you will likely see some strange things happening in many names.

2 comments:

PokerChamp said...

Thanks, Stewie. I got in and out for a nice +$1676.

Stewie said...

WOW! Very nicely done Pokerchamp!! Congrats! Nice way to start the weekend.

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