Some of our near sighted brethern (starting with ourselves) have remarked on the difficulty of nano charts so we are going to try to make it easier for everybody by posting links to full size charts.
Whether full size or mini size today looks like a reversal day and we partially lifted our hedges in the Qs and SPX.
The Qs illuminate the technical situation aptly. The false signal last week of April gave way to a full fledged gamma (or C) wave.
It now appears that wave has ended with today’s surge. Nimble (and aggressive) traders may cover shorts and get long here, while more conservative investors wait for the breaking of the longer downtrend line, or the horizontal resistance line.
There is a definite change of mood. facebook mania over? Here’s the message: google taught you to buy IPOs. facdebook taught you not to follow the google rule.
Did you think the market only threw fastballs?