Saturday, December 26, 2009

Short Week...

SPY has made new highs. Next week is a short week so I expect it to be choppy again. A bearish rising wedge has formed. Is this the top of P2? Hard to say there is still room to rise a bit but its doubtful that it will make it to the 62% retrace of P1.
BPSPX:CPC has finally crossed up. Now we will wait for it to cross back down before we make another large bet.
Vix is nearing the bottom of its bullish falling wedge. An intermediate sized pull back looks to be in the near future.
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