19
Nov
Wave up this week
Written by Anna   

UPDATE DEC 10th 2012

Here is a chart of the SPX, what I see is more chop till we have more info @ hand, but this tape is either going to break out on the upside or fail this range and plummet below 1400. We'll have to watch, I do see some slight divergences
on the MACD histogram.

Here is an updated view of the ES 60 minute.

 



Hi everyone 

We are already here @ Thanksgiving week. Wow  does time fly! The markets have actually been fun to trade for a while since movement has come back to the tape. In September we started to see some volatility and it makes for some fun trading. Slow markets are only good time option sellers that was time to decay the options they sold.

Now for this week.  We are coming off pretty much a standard Correction and I must say it was feeling pretty dreary. The fiscal cliff issue have been worrying the markets since the election was over. Some may say that it's because of Obama, but the charts were lined up for a correction and that's what we got. Now the fun begins, do we rally on light volume this week into Turkey Day. I say "yes" do to the daily chart on SPX and here is what I see. 

 

Now that does not mean that we go straight up,  but I pretty much figure with only 3 and 1/2 days to trade we trend up and some of those fib lines where is were we are likely to go. I am routing for 1397.  So you know that I am long this week via the S&P futures. I got in 1355. So we'll see how far we can go. I do have a wide stop on for protection.

Oil has been in a range but on the lower end of that range and I still do not see oil spouting off to 100 anytime soon. 

Have a great week and I wish you all the best of Thanksgivings! 

OXOX Anna 


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