Thursday, February 18, 2010

sold long unit at 1096.75

2 comments:

khoekz said...

Carl,

My indicators (4/5 at least) are pointing down in the short term. I just went short (SPXU) with a stop around 1105 cash SP. My target range is 1088-1092. The lowest I see us falling is around 1080-1085. I still do agree with your long-term view, we should see new highs sometime in the spring.

Thanks again

jeff said...

The action today is indicative of a little rest, but at this stage, I'm looking for at least one more move higher. I'm not a making any moves here long or short and will wait out this boring action

My two observations:

1) 1100 is a round number and round numbers typically see rests(at least short-term).
2. After Tuesday's run-up(Wave III up), this action resembles that of typical Wave IV action (a little up and down movement).
3. Using Carl's 60 minute chart, it looks as if we're still at the top of the upper trend line.

Curious for others' thoughts, but I think we'll have a better sense of direction if we break above 1120or break below 1083. Right here, right now is no reason to press a trade long or short.

Ofcourse, you all know which way I'm hoping we go (S&P 1000 level), but hope is no way to trade.

Jeff