This blog has picked up over 15,000 new viewers in the past couple of weeks. Welcome!!! I am honored and humbled to share a few of my thoughts with EACH of you.
For those that are not aware, I am a huge fan of patterns, believing that the “Power of the Pattern” can assist all of us towards “inflating our portfolios, regardless of market direction.” Rising and Falling wedges are my favorite patterns. (See Rising and Falling wedges)
On 9/20, I created the following post and shared that a “bearish rising wedge” was NOT IN PLACE!!! (see post here) The game plan at the time…”Don’t harvest, just protect!”
CLICK ON CHART TO ENLARGE
Below is an update to the above chart, reflecting that NOW, a quality “bearish rising wedge” looks to have taken place, up against important Fibonacci resistance (see post here) and up against fairly long-term resistance (see post here) .
CLICK ON CHART TO ENLARGE
Game Plan…If you are long and your stops haven’t been hit yet, go ahead and “HARVEST” right now. This includes taking gains in ALL the INTERNATIONAL positions. Going to “Pocket Change” those positions.
If you are aggressive and so inclined to attempt to score on defense, BUY SH with as stop, 2% above line (2) in the above chart, which is the 1,185 level.
Chris
S&p 200 week moving avg is 1185, just like in April. Touch yesterday, did not catch it. Your SH play looks good.
Hi Chris,
Any thoughts about scoring on defense using EUM (emerging), BZQ (Brazil), EPV (Europe), and FXP (China). Wait until the dollar reversal is confirmed? The last three of these are double inverse, but in many cases single inverse are not available or are thinly traded. BTW – BZQ is up 6.5% today.
Thanks again for all of your help
cK
Thanks Chris
Billy…SLV is right on rising channel support this morning. A 1% downside channel break and I will post a sell suggestiion.
When you say ALL are you including SLV?
Thanks