IWM setup 5/7/11

The best setup on IWM was a month ago when it printed up 8 dollars in the after hours.

 

I am going to guess RLS settlement, this Friday...... 805 ish... hopefully, a little higher than that.

 

Interesting

 

Goes up, goes down.

Your lines mean nothing.

 

Doesn't take a genius to see that there are clearly define channels on a point and figure chart..

Is it 100%, no... Can i take a position expecting a positive result more time than not... yes

 

Don't lose sight of the fundamentals.

I sell put spreads on rut a lot for consistent monthly profits. I have a pretty good feel for it.

I chose not to sell June puts this round when my May's expired because we are now totally far and away from the fundamentals.

If there is even a decent possibility of rut dropping 10% in the month, I don't sell insurance on it.

Here is my record on it this year (below)

 

Cobra believes IWM has an H&S pattern with a downside target of 74.57.

 

Nice call Cobra.

 

For the record, I haven't sold since April. And boom..

 

You mean KABOOM!