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

"Sell down to your sleeping point"

Thursday, February 5, 2009

Reflection

The market grinding took it out of me. I was reading the blog and it seemed like I mumbled all day. We broke out of the smaller Pennant today... and yet a small break out does not mean anything. Except that this will resolve, and will probably resolve in the next 2-3 days One good thing for the bulls is that we had the strongest rejection of the lower trend, we have seen to date. Bulls want to see a high volume break out of this current downtrend. When I look at the daily. It's still sketchy... Look at that divergence though. and we have still to break the 91 level...

What I'm also getting at is that... the Pennant still has to "Resolve", the pattern can just follow that upper downtrend all the way through Monday... then the breakout can Happen.

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