Tuesday, July 7, 2009

ES updated

The blue channels drawn starting in early June seem to perfectly define turn points and the H&S- However, these are sloping necklines. And if you draw totally horizontal necklines the late may bottoms, you get 874 and 870. So don't get all giddy short unless you can watch like a hawk and have the guts to close positions at a loss if we do bounce off those potential alternates. The blue channels have performed perfectly, though. And fully expect a retrace to the blue channel neckline at around 895.

KKmoney from SOH Blog posted this CAKE, which we have played recently, but now the triangle appears to be at the end of its rope, and certainly this could breakout to the upside, but I doubt it. The American over conusmer has got to realize that you can't have your CAKE, 2 Harleys in the garage, 7 flat screen TV's, and eat it too. The unemployment check just wont cover it. :)


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Insightful and Useful Comment!