critical point

If the previous high is taken out, then the uptrend is not over yet.  i will closed all the position and sit sideline for a while then…  at this moment, i hold the view that wave ii is over and wave iii starts today.

Correction is about to end

A simple chart for the weekend.  Wedge is broken and we just have a retest at last Friday’s close.  No buy signal for the intermediate term…

 

11/06/2009 intraday update

2:28pm

ok, here is another scenario favoring bulls.  it may touch 1080 based on this setup. 

 

 

2:10pm

breaking down the horizontal line will be very meaningful for bears…

 

 

1:29pm

retest?

a final push

yesterday i mention that bulls may have a final push to 1070 region.  this indeed happened today though I thought its chance is very low.

 

one interesting is quite some of my short positions, like SRS, GLL etc are in green in this big up day…  expect they will lead market down when bears return.

A wild FED day

Not much from FED today, but market is really really wild.  The sharp reversal at the end of the day erased all the gains for bull and the correction is about to be end or has already ended at today’s high.

 

I add quite a few positions after FED’s meeting and I am currently half loaded with shorts.

 

the market may or may not have a push to the 1070 level and I myself prefer that the high is already in.  A sharp decline is ahead…

 

also GOLD has reached multi-year high today and only two points away from 1100 after India bought 200 tons of GOLD from IMF.  still any bear on GOLD right now?  Have you seen any analysis recently that GOLD is falling??  Inflation is everywhere, isn’t it???  OK, GOLD is not far from a sell off and I would say GOLD will not exceed 1120.

11/03/2009

3:46pm

market is about to close and it’s marching to our target here.  if we have a gap up tomorrow, it should be a good time to add short.

 

2:28pm

SPY hourly chart.  correction target marked.

 

 

11:45am

so far so good…

 

next week

I hope you guys had a great Halloween last night. Today I will be in San Diego watch Raider vs Charger… haven’t been back to SD for a while…

 

I am expecting a some rebound or consolidation early next week, but it will definitely be a short-lived one.  it will be a good chance to add more bullets…