Friday, September 9, 2011
Obviously the buy signal is off to a rough start. Hate to see the gap down immediately following a buy signal b/c it usually means the day is going to be ugly. Today was no exception. Nevertheless, next week is a new week. As long as the news is benign and the 9/11 anniversary goes off without a hitch, we could get some sort of bounce next week. Still, 2 questions pop to mind... "Do ya feel lucky?" and...Is holding over the weekend worth the risk? The answer is probably no to both...
The stop loss on the current long trade is actuated if SPY dips below 110.27. So there is some room there - about 50 SPX points. That would equate to a large drop in TNA. At least this time the system is not "all in" yet. We'll see how it goes.
There is still a good chance the chart I posted on 8/31 could become reality. So far, it's been nearly dead-on. If that continues to be the case, next week could be ugly.
Ok, time to relax and enjoy the weekend!