Where’s the action?

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I’m bored. What ever happened to the casino I used to call the SPX? Technically the SPX looks quite strong; higher lows and higher highs. This is pretty textbook shit. The SPX put in a 1-2-3 bottom as Joe Ross would call it. If you were trading his system you would be a buyer on a move above Tuesdays high. Here’s the chart.

I trade a variation of Larry Williams and some crazy sea monster shit. However, Joe Ross has a similar trading strategy as my trading hero Larry Williams(He’s the fucking champ) so I tend to trade signals from either. I was a buyer on a move above the early December highs, only to be shaken out rather quickly. This has been the case in the last year and I began to successfully fade breakouts rather then buy them. I will be a buyer above Tuesday’s high, but I’m inclined to start my buying tomorrow. Let the strong technicals set in over the weekend before a gap higher on Monday.

While both strategies have been showing head fakes all over the place in 2011, it does looks as if the charts are behaving(for now at least). I’m still holding my LULU long from early Wednesday and suspect it will hit $53 in a matter of seconds. I have been looking at some RIMM and SNE longs, but I need to see some more strength. I have also been watching INTC, MSFT among other blue chip names. I have been watching GMCR for a possible short, but will have to wait for some market weakness to take that trade.

***BTW, if BKS is serious about a spinoff of Nook; I would buy that company. Peter fucking Lynch style.***

UPDATE: Sold my LULU long. Don’t ask me why.

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