Friday, November 28, 2008

pennant

So, this was a developed pennant and One could sugjest that it's goingto break out into a bull trap at the close.
the above is not a link.

the naz wants to break down, but I'd guess that it would be more neutral today.

Seems like with some end of the month action, that will give us a nice bump into monday morning.

but when the air starts getting thin like this... I'm super cautious...
at

11 comments:

  1. TonyNovember 28, 2008 at 11:47 AM

    Back in QID at 74.69

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  2. TonyNovember 28, 2008 at 12:11 PM

    and again at 74.28

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  3. TonyNovember 28, 2008 at 12:32 PM

    knocking on 75 again

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  4. TonyNovember 28, 2008 at 12:49 PM

    stopped out at 74.5, even on the trade, but up for the day.

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  5. EricNovember 28, 2008 at 12:57 PM

    It's what you get for fading me...

    ;)

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  6. TonyNovember 28, 2008 at 1:09 PM

    Actually, I was looking at your SPY graph at 11:12 EST and it looked like you were predicting a drop into 1 pm. The upslope looks like it's after market close.

    I thought the Q's would fall off the table at the close, I'm glad i stuck to my discipline and got stopped our of QID.

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  7. EricNovember 28, 2008 at 2:24 PM

    you were taking my chart too literally, I was just drawing some lines. In fact I had to look up what time we stopped trading, with the shortened session.

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  8. TonyNovember 28, 2008 at 3:15 PM

    NOW you tell me! :0

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  9. EricNovember 28, 2008 at 4:51 PM

    all I can suggest is that we can have a pull back into some buying...

    timing is the trick...

    :)

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  10. TonyNovember 28, 2008 at 5:19 PM

    DJIA and SPY are overbought. Looking for gap down at Monday's open. Got DXD at the close as a hedge.

    Other issue: I'm looking at choice between CAT, BUCY and JOYG for infrastructure/Keynesian stimulus play. Do you have a favorite? CAT's divvy looks sweet and secure.

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  11. EricNovember 28, 2008 at 5:43 PM

    I'll get back with you...

    I'm trying to stick with sector rotation...

    Next up tech/retail... Unless that just happened... But then we look at industrials.

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