Butterfly Sanctuary
The Dow Jones Diamonds (DIA)
and S&P 500 SPDRs (SPY) have both completed Butterfly Patterns on 60 minute
charts today. This is typically a great pattern to consider short sales. Like
I said last week, when we mix this pattern against 60 minute and daily chart
Fibonacci price resistance it is telling me to be aware of a potential sell
off coming. The market is very strong, so wait for a confirmation to consider
short sales. Of course, the bullish case will only get stronger if this butterfly
pattern is broken and we trade above 60 minute price resistance. For now be
aware. The butterflies are here!
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It’s Migration time for
Monarchs!
It takes about 2 months
for a Monarch to fly from Washington D.C. to Angangueo, Mexico each fall. The
migration ends around early November.
How far do they fly in
a day? One tagged monarch was recaptured 265 miles away from where it had
been released the previous day! (This was the record flight from the Urquhart
tagging program. The butterfly was tagged in Waterford, Pennsylvania and recaptured
at a site in Virginia. )
How do they travel such
far distances? They are able to travel such far distances by flying very
efficiently. They take advantage of air currents and actually soar, like many
birds do. This takes much less energy than flapping their wings all the time.
They choose altitudes at which they can take advantage of the wind to help them
on their long migratory flights. And they don’t fly when there’s a strong wind
blowing in the wrong direction. They also store up a lot of energy for these
long trips. This energy comes from the food they eat as caterpillars, and also
from the nectar they get from flowers.
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