Last Line Of Defense (Again)
This is a special intra-day update: The spoos are now sitting at their last line of defense on both the hourly and daily panel. If you are a swing trader or scalp hunter then this may be a great opportunity for a contrarian position:
Things are looking critical – yes, again. The sheer fact that we are flipping back/forth from possible buy to sell signals several times in two weeks should make us think. Equities seem to suffer from an acute case of dissociative identity disorder and that was the big I was covering last weekend. Anyway, this is either a major fake out or it’s the beginning of a big slide. Great prediction there, Mole! 😉
Well, since I don’t have a crystal ball this means I want to be long here until ES 1400 – once we drop below that I’m short. Very simple – no ifs and no buts, and no lofty guessimations involved. Yes, we may have to change positions a few times until this sorts itself out (before X-Mas please!) but I think the gain will be worth the pain 😉
You have been briefed!
This entry was posted on Wednesday, November 7th, 2012 at 11:13 am. Both comments and pings are currently closed.