Look what happened at 3AM last night
- Posted by admin
- on July 12th, 2011
We bounced right at the previous top of the range on the $ES_F — click to enlarge:
Too bad it happened at 3 AM… Anyway, that’s the line in the sand going forward and the line that the bulls will have to defend against all lehman-cello type events.
News tapes are our least favorite tapes, add the fact that our beloved semis are getting clocked today, and you’ll find us mostly chilling today. We have numerous alerts that could trigger but the market would need to firm up before anything like that occurs. As for being a bear — not until we close under the March 2009 trend-line on the $SPY.
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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