Wednesday, October 27, 2010
ES PRS Channel - not bad
They have to throw a bear a bone every now and then to keep them in the game.....
PRS is instructive though, a downturn right here could be meaningful. An upturn should be respected.
I am definitely not adding to shorts at this level though. The USD futures index /DX has bounced down off a Person Pivot, and has just had a big run up, very steep, so a pullback in DX and push up in SPX could occur.
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I just love when correlations break down. I have no idea why, maybe it appeals to the contrarian in me. dollar plummets, stocks go nowhere. bonds doing entirely their own thing. people are confused.
ReplyDeleteI've always been skeptical of correlations, tho I must admit they've worked a lot of the time for a long time, if only on an intraday basis in some cases and not always in proportion to each other. but ultimately, I think it's always important to remember that every chart is its own thing and it's more important to trade the chart than what some other chart is doing. although I've really enjoyed the cable charts...those did work pretty well for a while, and may again.
it's all fun, tho, ain't it?