Wednesday, March 25, 2009

news on the overnight

They can't knock it down so it just may go up retrace the chart and you will see the top of the buy channel is 54.48 and that is likely to be visited it doesn't make sense as far as current inventories
go but it just may make sense in the grander scheme like the market in general is a forward looking indicator and the picture has become occluded due to the moves of Geitner and Bernanke there are so many contrary points-just trade-the top of the channel is a good place to sell It looks like we got stopped out on the last one as we moved our stop down but it's only a $100 after earlier in the afternoon picking up $500-we even said we may have gone to the well too often-Sell up a point point and a half with stops-i'm gonna watch for a while staying flat on the overnight or if the futures commit i may check in later with a suggestion-if anything at our stop point of 53 we may even be tempted  to buy hyere as it may drift north overnight
(we bought 53.05 after stop loss triggered reverse position can't fight the signs there will be less resistance on the overnight and leave a Globex offer at 54 make a sweet $990 while you sleep- I reiterate the importance and practice myself stop placed below purchase at 52.80 limiting potential morning nightmare  to -$250 but I really like our chances and hope you followed me on the overnight odyssey.





























































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