Tuesday, July 14, 2009

I'm undecided for the moment....

I've covered everything except the GS puts which I may have to dump tomorrow with the way the intra day on-balance volume is looking on it. The S&P launched higher at such a steep rate out of what now appears to be a failed head and shoulders pattern that I suspect it will take several days to roll over if at all (perhaps something like the blue circled area on the chart) With out any clear signal via RSI I'm going to have to sit this thing out. If S&P does roll over then I will re-short on a penetration of the 884ish area (red circled area on the chart) other wise I believe there is a good chance we re-test the 950 area.

No comments: