Index Analysis
Monday, February 1, 2010 at 8:57 am
Looks like this morning will start out s an inside day and then honestly, I’m not sure where it’ll end. Odds favor it due to the ~20 point range it has on the SPX.
The 100-day MA is the most important MA at the moment. The last time the moving average was it was back in March/April for the SPX, DJIA, and COMP. Prior to that, the 100-day MA was hit in mid-2008 and there was always a major market move that followed. This puts the odds for a move to the 200-day MA as the ‘most likely’ scenario. In addition, note the textbook breakdown from the rising wedge and how each correction became larger and sharper up to this point.
Bought $CRNT 12.58
Sold $CRNT 12.53
Thank you. Again very informative.
Bought $CNLG 3.41 and 2nd pos 3.50
half out $CNLG 3.55
CNLG - in at 3.52, out at 3.70. All in around 5 mins!! Am done for the day. I cant seem to get myself to trust the action today.
other half 3.50/51
you better be trading CNLG all day long
overnighting $CPE
so
money.
you
are.