MAJOR trend is STILL DOWN, so I trade position trades with the major trend. Covered 10% of my positions of the last 50% held with fills at 843.00 for just over 30 points of profit. My next profit target levels for any additional selling will be at 833.00, 823.00, 803.00, and 793.00....each level I will cover 10% of position until the last 10% is filled at 793.00 BTW, "Stay SHORT, and Stay OFTEN!" :eek:
Thankyou Travis...the head and shoulders pattern in this case is possibly retracing to test prior lows as price action today was unable to climb above the 20 sma (869.44) area on the daily $SPX chart. Given the closing bearish engulfing candle at the close of today's trading session (845.14) the next possible target closing low could be (836.59). This will put the price below the 8 sma (838.30) area.
I think we should start to get bullish soon... I don't want to mention the B-Word, but it's so much better then the L-Word
<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/-ChIexycK7I&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/-ChIexycK7I&hl=en&fs=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>