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Hum, not sure what Carl saw to end his trade, but I got out of mine as well, not going to question his expertise. I used SSO options and made a quick $234 after fees. Carl please enlighten us on what you see that is causing you to hold off on the upside. Thanks!
Maybe Carl got a call from PM of Greece on his cell phone. This "news" driven market is hard to trade.
Absolutely, not for the faint of heart! Question is what will happen at 1198-1200 (cash SP) pivot point. Do we go back and retest low 1180's or retest 1214...?
As we have retraced more than 0.618 of the rally up from 1180, my bet would be on the retest of the 1180 or we could turn around before 1980 and make a complex consolidation narrowing triangle.
Greece 5y CDS is blowing out .. is now 645. It was 480 yesterday, and 350 on Apr 12th. This is contributing to risk aversion of course.. Also QCOM is not helping. See the chart at marketkarma.blogspot.com Also watching 10y 3.70% closely. -MK
So little upside to 68.1% FIB retrace from March 2009 bottom at 1230 so much potential downside. Caution.
TMG,SPX 5 minute chart...RSI did not rise above the value of 50 in the rebound. Market is soft...that said, bears are winning still. Hence, Carl's decision to get out?I would buy on divergence and I expect Carl will also, unless the SPX bearish HARAMI is confirmed on the daily chart.
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