Saturday, March 15, 2008
WEEKLY UPDATE
There is no such thing as a quadruple top! It will be broken. This past week we closed above the hanging man on the $VIX. I would be very cautious at this point. I'm looking for a little rally Monday then a very steep sell-off to 1176 on the S&P 500. Now that we know the bottom is close, look to be holding that small long but get ready to go all out around the 1176 area on the S&P500.(I'm saying the 1270 will more than likely fail,,,Sorry) Full Moon low will be GOOD FRIDAY. All the easy money will be made at a $VIX around 40. This is just the RedDirtTrader's view by looking in the rear view mirror!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
The NYSI broke it's trend line last week which tells me there is a lower low coming!
Good luck and be looking for a little bounce Monday then a REALLY good buying opportunity late this week. The stochastic started up last Monday on the BRIC TRADE so we didn't get a stoch buy signal. This has me waiting on the sidelines. By looking at the individual charts the EWZ and RSX look to be the strongest at this time. That makes sense. Raw materials and commodities you know!
As for the DECISIONMOOSE I think there will be a switch to cash coming very soon. His program may say to hold GLD for another week, but I'm thinking I would be looking to take a profit here.
Thanks for stopping by and good luck next week!
Labels: BRIC ETF's, candlestick charts, decisionmoose, sp500
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