Thursday, March 12, 2009

3/12 - Market Analysis (stage 2)

SPX - strong resistance despite great strength today


SPX - think we will pullback and rally


SPY - broke good resistance but got one more ahead


DJIA - resistance is seen...


RKH - resistance from prior high


USO - bear flag now possible


UUP - brokedown of trendline


GLD - safety still popular


VIX - very bullish breakdown for SPX


A/D


ETFs - financials because oversold and health because of DNA buyout


Heat - green green


ISEE - no new buyers of the longside...bearish!


Analysis: for the most part we had a great day...problem is that resistance now is even stronger and we got even more reasons to beleive that tomorrow will pullback or atleast pause...very good chance i think...i feel 90% sure that we will not post a gain tomorrow...good news is that VIX and SPX are telling me that we can resume the uptrend next week...thing i feel unsure about now is oil and it has a chance to retest the bottom...don't wanna go long that yet...for now though...i think its safe to hold longs and just rideout whatever the market gives us tomorrow...as long as support holds, we will look very strong going into next week...if we breakdown hard, i fear a major leg down to atleast test the lows again of "666"

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