Today at 3:35 I said to pull the majority of your long positions off the table. Check the charts at Trade-Guild for an explanation as to why. We had significant profits in a day or two, it was a worthy quick trade but it seems to be over. The after hours market is already down.
If you are a new member, I hope you put together a short position. The next down-leg could be the big break. It's difficult to say at this point if we will get another rally. The price formation says no, the volume looks like it's a possibility. Above $110.50 on the SPY, then we have a breakout from a midterm double bottom, then we will be long a, but maintain the core shorts. We will have to wait and see. If we get a positive divergence later in the day tomorrow I will post it and we may jump back into the longs probably at lower prices then sold at.
The trade of the night, remains UNG, it looks ready to resume its uptrend and there should b close to 40% in that long trade. I'd buy at market in the morning. There's a few other trades listed tonight. I'm getting some emails, GOOD! That is what I am here for, to help.
Thursday, June 10, 2010
Update 2
I'd consider taking some profits on the longs right now. We have some negative divergences in place. You could leave a little in place, but I'd probably take a good potion off the table
Update
Remember, targets for the market (SPY) are $109.20 and $110.80, although you may want to use 1-5 min 3C or wait for my post. I just am not 100% sure I will be able to look at the computer all day. I will update anything I see though.
