Don't pay dollar to keep 2 cents when wrong. Cut your losses quickly. Trade what you see, not what you think.
Joined Oct 26, 2011
719 Blog Posts

Mistaken identity, there is no Bear twin brother after all

With a slight change of DNA (actually this week bar); the Bear twin brother vanished into thin air!

If you look at bar (5) in 2012; this look like a good healthy green bar to me providing that tomorrow continues to be a positive or a mild correction day.  The good thing about this week bar is that it stays above the lower Pitchfork median line; thus maintaining the uptrend momentum.

Giving the way the wind is blowing, we may have a bullish trend for the rest of the year to re-establish the correlation of a stock rally in the Presidential election year.  Next target is to take out the upper trendline at $137.63; and then the high of $142.21 from April 5th, 2012.

Below is the weekly SPY chart:

Good Hunting!

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