Thursday, November 19, 2009

Opposite Day

It seems like somebody decided to order the chicken salad on rye, not toasted today. The much noted triangle may have been a bearish wedge after all by the moves on the tape so far today. Regardless, this move is playing pretty well for many of our projections time-wise, so we'll take it and trade it as it goes. I noticed last night reading a lot of blogs there were not many looking for a correction out of the gate this morning, much less ever again by the sound of it, but that's why that over-used saying about crowded trades really is over-used.. it happens. Okay.. enough yackity-yack... here are some charts, as well as something I noticed last night fiddling around with my etch-o-sketch on the most recent corrections on SPY. I did use rounded values, so don't come at me for not having the precise numbers, but you'll get the picture. Good trading into the afternoon TTWinners, the team work continues to be phenomenal around here! Oh.. almost forgot! We have a group of Corey Rosenbloom fans on board here and there will be free webinar this afternoon on TICK and Momentum Concepts post session at 4:15 EST if you'd like to watch. The economic calendar is nil tomorrow, so nothing on that front. There is also an interesting article to read when you have time, regarding Societe Generle's report to clients on how to prepare for a potential global collapse by Ambrose Evans-Pritchard. And on that high note, have a great trading afternoon!

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