Thursday, March 25, 2010

Capitulation or Something Else?

I could do about a thousand different charts after we witnessed that sell-off this afternoon, but we can each add our own special recipes down in the post section tonight, and I look forward to whatever you all have up your sleeves. What I'd really like you all to see are the individual charts on the Flying PIIGS. I know we've all been reading the news as this story unfolds, but to be honest, I had really not looked at the technicals on the individual charts until last night. They left me speechless. Forgetting the fundamentals, rumors of bailouts and the like, the technicals by themselves are not too stellar, IMO. Several already have a death cross completed with the 50/200 SMAs. I'll let you judge for yourself, as I'm only going to show you the very basic view of each one of them. When the Trichet statement came out this afternoon, it was one of those “things that make you go hmmm,” moments for me, needless to say. You will also see DDT's and Osi's EOD views for the DM look. As we always do on TTW, remember to use caution trading tomorrow, as we try not to count our chickens or flying pigs before they hatch or crash. This was a one day event, we need to stay trading with heightened awareness. Best to you all! P.S.- Bravo, Osso! He called the Friday lower low rule last week, and although it looked pretty precarious this morning, it’s looking pretty good now!

P.P.S. for newbies and lurkers out there: You will read many, many various trading observations, opinions and calls on this blog, from bullish to bearish- that’s why we’re different here. You will often see us challenge each other- and often. It is YOUR responsibility to understand and/or ask questions if you’re confused or want help/further opinion… we can’t read your mind, but you can count on us trying to answer/help. This is a place of learning and sharing, but the trading is YOUR responsibility alone, not ours. Rule #1- never take a trade that is not based on your own T/A and choice. Lead yourself, do not follow. I can’t emphasize that enough. Read the disclaimer at the bottom of this blog site completely, if you haven’t already. I have seen plenty of “gurus” with loads of happy followers take their trades blindly with both good AND bad results- don’t let yourself be one of those people.

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DDT’s chart on /ES

ddt 3 25

Osi’s SPY Chart

osi 3 25

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