Sunday, November 20, 2011

For the week of November 19-23

There isn't much to say since my last post: we've broken some important support levels and it looks like we're headed lower. We're forming a bear flag on the hourly SPY chart, and I would expect 120 to be tested. The measured move from the breakdown of the triangle is ~115-116 on the SPY, and there's also a gap to fill at around those levels. I'm not sure if we'll get there, but it is possible. The market has been fooling everyone lately, so if it looks awful, it's possible that we rally from here... Last week was looking great, with tons of beautiful setups, and we broke down, so stay on your toes!

A few charts look good, but I'm seeing a lot of broken charts, so be careful this week. It is also going to be a low volume week, with markets closed on thursday and 1/2 day friday. Here's a few of the better looking charts: VHC, KWK, SONS, AFFY, MTG, IMAX, CISG, GTIV, LNG. I have a small position in VHC and LNG already.

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