Friday, December 18, 2009

You'll Shoot Your Eye Out

With only four more trading sessions to go before the Christmas holiday, the Santa Claus Rally has not presented itself (yet.) I have to say (yet) because I'm one of those fools who thinks she can jinx it. I also use a lucky pencil to write notes all day while I'm trading, and I'm not sure what I'll do once it runs out of lead. ;-) Anyhoo... I have a few charts to share- nothing earth shattering that we're not all aware of, but I'm also keeping a close eye on the Up/Down volume for a potential clue on a bump higher past the previous high. At this point I'm not too concerned with a blast higher but we never know. Use some caution fellow traders, as the volume will most likely really dry up next week and only the hardcore (or crazies) bother to trade for the next two weeks.  I’ll probably be on that roll call myself, but sparingly.  This is also a Friday before what should be a big shopping weekend, so if they tank it, I’ll not only be happy, but exceedingly surprised.  Just don’t shoot your eye out.

Here's hoping all of us have a safe and happy holiday weekend, and use the time to take care of our needs outside of trading and enjoy life. We are some of the lucky few who have the ability to work when and if we want, so take advantage of that as we go into next week and the week beyond. 2010 is right around the corner and I just know we're going to have a stellar year ahead of us. Thanks to all for every single minute you take to work with this team of traders.


SPX_121809 We’ve typically seen a fairly good surge to the upside on a hefty spike
down on this chart, so it’s worth watching as we move along.  In the last thread,
Bala offered this trading wisdom that’s also something to be aware of for scalping or just staying in previous positions.

“I've found the following Advance : Decline ratios effective.
+/- 1000'ish is likely a range day
+/- 1200-1700 is often a Type I or II trending day
+/ 1800 and greater is often a Type III trending day”


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