Monday, July 6, 2009

/ES for Tuesday -- It's Beautiful Man

I feel this is a pretty high probability. Yesterdays big move down was an obvious 5 down, complete with negative divergence on the 10 minute MACD--highlighting wave 5. So tomorrow should complete the ABC, and it just so happens, there is an IHS pattern, that just so happens to measure up perfectly to a 61 Fib retrace. I closed my trading shorts, still hanging on to a core short position.

Seeing without deception.....

Also on my "Cool Chart" I noticed that JPM has zero short float, yeah right. Short squeeeze site shows just 1.2% short. Maybe the smart money all got puts or single stock futures.

1 comment:

  1. Nice charts, Steve. I may have to personally increase that JPM short float, although I do like the idea of taking down some puts on it. A little closer to 34 would be nice. I also like PNC & WFC... same set-ups.


Insightful and Useful Comment!