I think we rally for next week or two....looking for ES target of 1320...we either pull back at at this level but if mkts accept prices above this level we will rally for rest of yr and make new all time highs in the mkts.
Originally Posted by wuzupfoo
Im not a super technician though I watch for certain patterns, pivot points and such but either way I'll play!
im watchin for the test of the 1300, since we got a local bottom at 1250. I was fully expecting the bounce off of 1250, now the question is can it reverse the short run trend of making lower highs?
Im pulling back longs in my main portfolio have been since the 1350 high was set and goin cash for now. Too much headline risk though I was very tempted to play the bounce off 1250, now its too late and we're already at resistance. Action over the next couple days will determine if this market can breakout.. at which point I will continue to liquidate main portfolio (ie. for investing) into rallies and look for a put opportunity in my speculative option account.
Obviously my bias short run is for falling prices overall until the market proves otherwise so im looking for a strong rally ultimately to fail at the 1350 high set earlier this year then falling rapidly then leading to QE3. And if Im wrong and it goes beyond 1350 and rally looks like it has legs, well its risk on again
now back to work! haha