The 60 minute chart looks like it is in the early stages of forming a Bear Flag. We need 4-5 more bars (each bar is 60 minutes on the chart) before the pattern would play out. If we continue to trade sideways for 4-5 hours, then a sell off into the close is likely.
If it doesn't happen into the close, then Tuesday morning could be a “Gap Down” day? The pattern must form first, but a continued move sideways from here would form that pattern. I'll definitely be waiting until the close today, to see what happens.
It clearly shows that the MACD has topped and is now rolling down. It should continue down for 4-5 days. You can sell you're puts if you want, but I'd wait until the end of the day, as there will probably be a sell off into the close.
No traders are going to want to hold over the weekend. Be patience.
Monica, Still holding all my puts and position in TZa. Dreadwin nailed that 10.77 this morning.
Gracias.
Update… I'm still short.
The 60 minute chart looks like it is in the early stages of forming a Bear Flag. We need 4-5 more bars (each bar is 60 minutes on the chart) before the pattern would play out. If we continue to trade sideways for 4-5 hours, then a sell off into the close is likely.
If it doesn't happen into the close, then Tuesday morning could be a “Gap Down” day? The pattern must form first, but a continued move sideways from here would form that pattern. I'll definitely be waiting until the close today, to see what happens.
And you?
Hi gocks. Just came home. My option is still heavily underwater. Trying to decide whether to sell some of it.
Monica, How are you today.
Sorry Red – just saw this. Ignore my email. It is making me very nervous though 🙂
for those with bearish positions
this chart may be of interest to you
http://www.flickr.com/photos/47091634@N04/43515…
Ben,
Look at this chart… http://stockcharts.com/def/servlet/Favorites.CS…
It clearly shows that the MACD has topped and is now rolling down. It should continue down for 4-5 days. You can sell you're puts if you want, but I'd wait until the end of the day, as there will probably be a sell off into the close.
No traders are going to want to hold over the weekend. Be patience.
the time is coming for the long road to hell, (SPX 365.85) but it may take 3-7 more months
it took 12 months to form a top during 06-07'
it took 8 months to form a bottom from 08-09'
we're 5 months into sideways action originating back in september 2009
i pay close attention to ian over @ raj time & cycles for major turns
this chart may be of interest to you, keep an open mind
http://1.bp.blogspot.com/_OSfvk1xrysQ/S3LG1_CRO…