Monday, May 21, 2012

Holding longs...

Both systems will continue to hold the long position. I am now fairly certain of 2 things at this point. 1) The rebound is not done yet. I expect TNA to hit ~50 within the week. 2) The low Friday will be revisited sometime in the next 2 weeks.

Take care and thanks!


  1. Thanks for hanging in. And for your heads up posts.

  2. J, looks like capitulation Friday is confirmed... That was fun.

    As for your forecasts, I'd even say $51.50 on TNA. ... but dunno about the latter forecast... my systems say "no more shorting for (me) for 3-4 weeks" ... So, if you get a short signal in the next ~2+ weeks (likely), I'll only play it w/ya if I get something else that (loudly) says to get shorty. The Mkts are chock full of pessimism now, and FADE-BOOK is testimony to that. Gonna take a few weeks to wear that off. THEN we should have another drop.

    Right now, the A/S YM 15min chart has a reasonable inv H&S on it (LS is a bit ugly). If that triggers (tomorrow?), we've got a MM target that is 175 pts higher on the Dow. I'll start exiting out of my longs up there. If we then form an upside continuation pattern there, they will put the pain to the newbie shorts w/their ubiquitous stops.