Tuesday, August 4, 2009

Tomorrow August 4th

Wow, what a rally Today. S&P broke 1,000 and Nasdaq broke 2,000. This is really important because its a very clear indicator that its a bull market with new highs.

I was looking for a pull back on BAC before entering but it just keeps powering on through. Damn those people who got into BAC prefered shares at $4.00. (it pays a 25% dividend!) Missed that massive boat.

As of this post USD/JPY is down and the Nikkei closed lower than opening. Possible pullback tomorrow.

I'll be looking to enter the S&P around 992-900 and short about 1,005-1,010 and go for 3-5 point move with a stop loss of 1.5 or 2 pts. I just drew this



I took the market low which was 4 days ago and used the high to draw Fibonacci Retracements. I also drew two trendlines showing higher highs and higher lows which are great indicators of a bull market.

Tomorrow will be an interesting day going to watch the $TRIN very carefully!
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2 comments:

  1. Lord of GaynessAugust 4, 2009 at 7:44 AM

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  2. MurphyAugust 4, 2009 at 12:43 PM

    I say go long at 992 = you get destroyed.
    I say you go short at 1005 = pushes to 1007, you punch out, S&P tanks massively.

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