Trading when the crystal ball is foggy…. (with a chance of meatballs)…

Posted on Jul 11, 2009 by in Letters

Strangely (and stranger and stranger) the SPX has not broken yet.  In the INDU (previous letter) the break appears (though waiting further action for confirmation).  But the neckline of the little H&S formation is holding the SPX price.  The short term trendline is broken, the 200 day moving average hovers overhead like a buzzard in the Sahara and there is a clear (if anomalous) pattern of lower highs and lower lows.  The narrow ranges promise some volatility next week.

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