bothisellhigher (50.77)

This Is It My Pretties!

October 29, 2009 – Comments (0) | RELATED TICKERS: SPX , SKF , FAZ

One of your last chances to get out of your longs-I say, take it.  The gig is up.  The rotten roof falls in with the next gust of wind-probably tomorrow.  The sagging floor was last supported at S&P 1070 and that was breached October 26.  Today's rally, which again has the CNBC crew swatting each other on the back and jumping for joy cause the recession is over is (I think) merely a reaction back toward the broken support area (which happens over and over again if you look at enough support and resistance penetrations-penetration, reaction back to the scene of the crime-and then resumtion of price action in the direction of the break...Soooo...we will probably see an end to this rally between 1060 and 1070 S&P, and then a decline...1st stop around 1025.

My trade for November...short the banks!  I bought SKF...though I'm thinking of adding a bigger bang for the buck in FAZ...At any rate...Live Long and Prosper.