I haven't run the LR30 weekly update for a while so I thought I'd give it a look after last Friday's amazing 8 minute wonder-close that put an otherwise red market solidly into the green.
While the RSI2 continues to sail along in uber-overbought territory, the LR30 and the 3 MAs (3,7,14) are all suggesting more bullish activity likely.
The MACD in all the ETFs looks like its ramping up for another bull run and MoneyStream (MS) continues to indicate the bulls are in control.
I consider the lower LR30 channel lines to be make or break points and am hesitant to get short very aggressively until those channel lines are violated to the downside.
Those who follow my real time trades in the Market Rewind chat room know that my midday shorts of the Qs at 34.37 on Thursday and Friday based on the Cheaphooker Short signal were both closed out for less than .25 gains into the Thursday and Friday closes, as I chose to cut and run until another day.
I'm not quite sure what it's going to take to derail this bullish juggernaut ride that began 2 months ago. I do know that there are a LOT of disappointed and frustrated Shorts lying around wondering the same thing.
Last week I mentioned that my swing trading view was that it was too late to get long and too soon to get short.
For safety's sake I'm maintaining that view and just picking up dimes and quarters on the daily VXN/Qs crosses and VIX/NYAD crosses. So far so good....
Here's Vertical Solutions weekly forecast for the S&P.
No comments:
Post a Comment