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$SPX 20Day
Well look at that... Same pattern, only more drawn out and with a more prevalent volatility level (which makes sense due to the overall low volume we've been experiencing seeing that nobody wants to trade this market and have closed their books for their year). There were a ton of stocks that were up today, and I kid you not, the big oil companies had a nice sized gain today.
Where there is a rally, however, there is a failure. Right now, we have a couple hours of the rally left, and after tomorrow, I am starting to heavily consider a position in the SKF, SRS, and DUG. Here's my breakdown for what has a high possibility of happening in the nearer future:
- SRS: With the Real Estate market being driven into the ground with a rather large bulldozer, it's only a matter of time until the January-March Housing Bubble pops, allowing the SRS to get back to the $100 level. Getting it at $50 is an absolute steal, and the worse that can happen is that we stay in this channel and sell it at it's resistance level of $60.
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SRS 20Day
- SKF: The Financial market can only drive a market for so long, and GS hit it's $80 "explosion zone" where the stock goes off the wall for a day or so and then gets beaten with the Ugly Bear Stick. $105 is what I'm looking at for the SKF, even though it's a little higher than its current support of $100-$101.
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SKF 20Day
- DUG: When volume begins to pick up again, oil will fall from the attic to the basement, flop around like a fish for a little bit, and then go from the basement to the earth's crust. I heard some random guy they've had on CNBC over the past two days say one of the greatest things yesterday, and that was this: "The supply's there, the demand's not, and when trader's begin to realize that, oil is in some serious trouble." Enough said.
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DUG 20Day
*** Don't forget the $TRIN. It's ready to explode up, because it's beginning to decrease in long, drawn out, prevalent down ticks, which means that this thing is going to move positive very soon. Look for levels of .36 as an indicator to begin purchasing the iETFs ***
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$TRIN 30Day
Almose done with this rally, so keep your eyes peeled to the ticker... The iETFs are almost ready to eat, they're just not out of the oven yet. Watch your trades, keep your head on straight, and WHATEVER you do, do NOT get caught with those skivies around your ankles!!! And as always...
Keep Tradin'
PS: Depending on anything special that may come out tonight, I might update... Stay tuned.
ZM
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