Enjoy The Roller Coaster
Seems to me Six Flags is testing out its new virtual NYSE roller coaster this week. You and your family get a free bonus ride when you open a retail account over at participating bucket shops. Hell, it’s a blast at first until you start puking up your lunch. I shouldn’t complain as we’ve played the swings pretty well but this is no time to become complacent or over confident. Obviously technical damage has been done and the bulls are having a tough time to keep the cart from flying off the rails.
So we’re back from whence we came this morning – the 100-hour SMA was challenged but then served as a trampoline for a bounce back toward the brick wall still standing at 1645.75 (i.e. our daily NLBL). From there we just dropped like a rock and who knows what comes next – we are in complete limbo here. Play the swings – by all means – but keep an eye on that 100-hour and the daily NLBL. That diagonal that once used to serve as resistance also seems to act as support now, so we do have a bit of context. I plan to be short below 1621 – currently short term long above 1628.25 and will hold long above the daily NLBL at 1645.75. Hope all that makes sense – if not ask.
Meanwhile over at the woodshed the Dollar is once again circling the toiletbowl. Yesterday we apparently had a last kiss goodbye of the 100-day SMA and it’s falling away fast now. Note that it just breached a weekly NLSL and the 25-week SMA.
Not looking good and if this trend continues I will have to switch you subs over to Monopoly dollars. Heck, my ATM here in Spain is starting to print Dollar jokes on my transaction receipt – in Spanish of course so I don’t get half the jokes. Here’s today’s version (roughly translated):
What is more sexy, an American or a Canadian dollar?
The American of course …it goes down more often.
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