Charts ‘R’ Us
Yesterday’s rotten close on the SPX and DJI gave us some
great short signals. Finally, it appears as though the "powers that
be" might allow normal
trade dynamics to take place over the next few sessions, so I wanted to
be prepared to take advantage of that rare
opportunity. To lend validity to a
pullback taking place, Prudential’s market-timing god, Ralph Acampura, came
out mid-morning yesterday and announced that
"the bottom in stocks has been seen."
This made me giddy with excitement as I couldn’t restrain myself from
shorting many millions in stock right after
lunch. Thanks, Ralph.
In addition, Al Goldman came out and stated that "the
bear is dead." No, Al, you
are mistaking this bear market with your cerebrum.
On to the charts:
All of these charts present low-risk trade setups. Always
remember that the entries, trade
management and exits all depend on you. The most perfect trade
can be fudged up if it is not managed correctly. This takes years of
practice and experience, so don’t be hard on
yourself. Always set your stops and
determine where your target is on the upside/downside.
Goran