Tuesday, November 20, 2007
Added an old chart to my Public List @ Stockcharts.com
The chart to the left is a new addition to Red Dirt Trader Charts. It appears to me we are now in the 3rd and final wave of the unwinding of the carry trade. I've watched this chart for sometime now but just decided today to make it public.
As we enter the final hour of trading today the S&P is down 11 points and the percent of stocks trading above their 50 day ma is @ 18%. That would put the number below 100 on the Secret Recipe Chart. I'm putting money back to work in chunks. I feel like the upside potential from here out-weighs the risk. We are so close to the support trend lines on chart #11 for the daily S&P 500 that this seems like a good buying opportunity.
Labels: candlestick charts, major indices, sp500, stockcharts, technical analysis
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