bull

Is the end (of this prolonged rally) Finally Here?

Posted by Investing Freak on August 20, 2009
Market Analysis / Comments Off on Is the end (of this prolonged rally) Finally Here?

Whether you have been a bull or a bear since March you have to be worried about what will happen from here.
Bulls might lose if market goes down and corrects itself, Bears might keep losing money being short (unless they hedge then they are neutral players).

Here is a chart of the S&P futures that I found interesting how it topped around 3:31Pm at exactly the first Pivot Resistance (R1) or 1007.75.  It’s been downhill from there so far.

Have we finally reached the top?

Have we finally reached the turning Point? (Click to Enlarge)

As I write this the ticker is heading towards 997.75 which is the first support for Friday.
UPDATE: WE HAVE HIT the first support line of 997.75 and might bounce or crash through.

Update #2: here I am 8 hours later and the futures have made a 360 degree turn. They now hit R1 (red line) of 1011.25.

es-topped-82009-2

What do you think? I am also long the Volatility Index (VIX) Via September 40 calls (got long today) because I think we are entering volatile markets again and that would be great.

-K

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