Patiently Waiting for The Feast

Market TAO Friday 11-20-09

Market action today .....My best Guess.....

price will most likely retrace 38 to 50 % of yesterday and pin to the weekly Pivot into the close.....Spx 1090 to 94

my Spy plan today is to sell the rally up to 110.24 and exit at or below 109.14

I f ..it doesn't happen by European close, then I'm done for the week...

I was Early today...... The Same SPY Plan For Monday...... have a good weekend

Tues Wrap Triangle

Odds are we go higher out of this Triangle ....watch out for the false break outs..

Push for The Fib 50

The final assault!
Push for the fib 50 is underway....

Spx 1120-50 long term trend zone is the target this week. This will give us a spike shooting star candle

I must say this will be swift so don't fall in love with any direction.....take profit quickly.

I f the price holds and we get a open and close day above 1121 next week then the market moves higher....

or

price touch the fib 50 and reverses back to lower fib fan line.......notice how price has responded to the fib fan lines..

My Spy plan today is to buy down to spy 110.85 the opening gap and ride the run up until it stops going up 111.70 up to 113.85... .

Market TAO Tues 11-17-09

Overnight Es futures are down and the US Dollar is a bit up........

Spy is at a key inflection area....if we remain above 1100 then we most likely go higher ..this is options expiration week and historically the week has been bullish .....My SPy plan today is to approach the open with a neutral stance and wait 30 min's ... Will update after open

TGIF the Bar is Open

Market TAO Friday 11-13-09

Reports due this AM .....US dollar is steady ...My Spy plan is to sell up to 109.75 and exit at or below 108.07

Ascending Broadening Wedge

Works much like a Bearish rising Wedge...

A rising formation breaks out downward 70% of the
time.

For downward breakouts:
The lowest price in the formation is the minimum price move to expect.

For upward breakouts:
The formation height is added to the breakout
price.


Partial rise:

If a stock shows a partial rise and begins to head back toward
the lower trend line, consider selling short.

More info on Ascending Broadening Wedge http://thepatternsite.com/abw.html

SPY Evening Star

The Evening Star is a Reversal Candle Pattern.
This dotted yellow line and blue candle is what the next trading day should look like.