Luna $ Ticks

August 11, 2008

Almost there

Filed under: Trading SPX SPY — moontrader @ 8:31 pm

Today was the confirmation of the scenario I was talking about in the last posts. We had a pretty nice rally from the opening bell until more or less 1:30, when SPY hit 131.5 and retraced back to below 130, to close at 130.71. I’m already feeling the bears turn bull from in the blogs I’ve been reading lately and even in the media we can see a wave of optimism. However, as I said, this is a sinuous way to 132.5, tipical of bear markets. Just check the hourly chart below and you’ll see what I’m talking about:

As you can see, we almost hit the target I mentioned in my previous post. And here is the financials, with some room to go up and help boost the market:

Odds are we’re getting there no later than tomorrow. After which, we’ll definitely see what the real trend is. If this is a bear market, we should go well below 130 by Friday (possibly even below 125). Otherwise, the market will just continue to go up or have a small retrace.

Anyway it goes, we’re not here to be right, but to make money, so let’s keep the mind open trying to identify a good edge.

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