A good start
- Posted by admin
- on August 29th, 2011
We broke through the upper trend-line and the 20SMA, an excellent start towards the healing process and are now 12% above the $ES_F low of 1077.
Volume is abysmal but not a big surprise especially considering last week of August summer trading (and post Irene or course). Next resistance on $SPY is not until 126/50SMA. Any backing and filling now above the trend-line/20SMA would be healthy.
The market feels more “kind” – let’s see if the price-action confirms that sentiment by keeping the trend-low support/gap intact on any test. If we do reverse in the next few days, we’d be buyers of the first test of that support near 118.5.
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- Keep swimming but with an eye on the shore
- Make peace with not catching every move
- 21 days and counting
- Trade against it
- What’s your edge?
- Wait for it
- Keep Calm and Carry On
- Even if you don’t trade it, you have to watch it
- This is where we would buy AAPL
- No matter what your time-frame, be patient enough to trade against an edge