Friday, April 18, 2008

Bulls in Charge

Click charts to ENLARGE.

It doesn't take a mind reader to see that the bulls kicked bear tail all over expiry today.

Dead butterflies notwithstanding, I've got no beef. Our job is to mirror the market action, not fight it. Here's the SPX with an accumulation rally, although the bull hasn't yet the grinder of the 1400-1406 resistance zone yet. Absolutely nothing negative about the SP500 price action.
_____________________________________________________________
Similar story for the Russell 2000, that eclipsed and tenuously held 720. Note that the MACD histogram and MACD lines now are both in positive territory.
________________________________________________________________
Earlier, I pointed out Garmin (GRMN) long and hard beaten, that came into today (by my eye anyway) with a DeMark '9' coupled with horrific beatings on the CARA 7-7-7 system. I was long both stock and April 40calls, and scaled partially out of the position on the ramp.
_____________________________________________________________A little quote sheet action for a few items.
_______________________________________________________________SPX panorama, with 10 minute (top left), 60 minute (bottom left) , daily (top right), and weekly (bottom right) charts. I use Quote.com as my trading platform and find it very flexible and user friendly.
_______________________________________________________________
The VIX, same layout, with the shorter term charts on the left, and longer term on the right. Is the 'subaction' suggesting that the volatility killers have not entirely won?

Good trading and great risk management to all.

Educational use only. Never intended as investment advice.

0 comments:

Post a Comment