This market is not looking good. I am seeing the SPY at the top of a downward channel. 127.21 is the resistance line that I am expecting to hold. Lets see if it rolls. Here is a link I read this weekend that really sums it up http://slopeofhope.com/2011/12/crash-landingevil-plan-290-not-done.html . Enjoy.
Monthly Archives: December 2011
One More PUT
EL Stop 115.00 Target 85.33
PUT Options
Getting into the following trades this morning…
OC PUT Stop 29.86 Target 23.19
MCK PUT Stop 82.18 Target 73.38
NE PUT Stop 34.00 Target 27.64
Finally a Move
Well today the market woke up. We rolled off of the 127.00 resistance. I will look in the morning for trades that are trending down with the market. I am expecting the market to move down to the 115.00 area.
Booooring
This is a stale mate. The 127.50 is the major resistance. I am waiting for a move.
127.50 is Holding Still
The EUR/USD trade is still the major chart affecting the market. We will see if the support holds. The SPY is still checking the 127.50 resistance. One of the post I read http://slopeofhope.com/2011/12/is-a-top-near.html#more talked about the major banks are pushing the markets in after hours. This is an inexpensive way for them to get the market to chase. I am curios if these guys can hold this market up. I feel as though they are losing. We shall see.
Downward Channel Resistance
It looks like we are going to test the 127 area on the SPY. I suspect it will go to this area and stall. I don’t see the energy to push through. We have had a pretty good move upward to even get to this area. I am in cash waiting for this area to work itself out.
Still Waiting
http://news.yahoo.com/stock-futures-gain-ahead-key-jobs-report-094334471.html ECB has moved the pre-market. I expected to wake up and see the market flat again today. Well I was off. As far as the market goes I am waiting to see if the down trend continues. Right now we are at the top of the downward channel. I did look at a few stocks this morning. Most of the formations I looked at looked good but the risk is too high. I want the set up to show a 2:1 return. the best one I found is VXX showing a 1.4:1. So I am waiting to see how this plays out.
Wait and See Mode
I looked at over 50 stocks this morning that have broken there various patterns. I do not like any of them. So I am going to sit and wait. I am looking for the next move to set up. The SPY blew through the $121.00 and the $124.00 levels yesterday.
Swing4it.com 