Sunday, November 14, 2010

No Setups This Weekend

Why? Because i see nothing to play in all honesty. I have plowed thru hundreds of charts and i see nothing that i deem 'high probabililty' plays. The good setups are lacking once again making me think rallies are going to have a hard time sustaining themselves for a while.

I am attaching charts which to me have caught my attention:

1. The GLD chart which looks to be putting an ISLAND TOP. This chart makes me think that gold and likely other commodities are headed lower before another big move up is ready.

2. The SPX 60 minute chart which is my 'road map' showing that we are potentially approaching some zones of support near that 1190 area.

3. The NYMO chart shows we are entering shortterm oversold levels conditions but not too oversold to the point where we cannot go much lower. There is still some room left of more downside in my opinion before we reach truly oversold levels from which we can launch higher into year end. I believe there will be a 'santa rally' brewing but the only thing on my mind right now is from how low will it start?

We are gonna have to wait and see how we shape up as we enter the new week. Patience is very very important now and we need to gather more price data before more confident calls about direction can be made.

LESS IS MORE right now.

Good luck next week!

1 comment:

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