The white is the morning low on the DUG.... and then in blue... What looks like a higher low...
One could change the stop to the lower high.... but the best thing to do is to wait till we get a higher high to change the stop..... frome white to blue..
This whole market is trading off of oil price..... Oil retraces 50% the market retraces 50%....
Asuming this uptrend maintains... it will stop when oil stops going down...
or the xlf hits 29.
Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.
J. P. Morgan
Thursday, May 22, 2008
Dug
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