Enlarge any chart by clicking on it.

Unless otherwise specified, ALWAYS use the 15min chart to enter my recommended plays because
CONFIRMATION is a MUST. In other words, you need to see a 15min candlestick that CLOSES beyond
the entry point, then enter when it moves 10cents after the high/low of that candlestick.

Thursday, August 18, 2011

BEAR FAKEOUT ALERT!!!!

The futures are sharply lower at this time with the SPX down -31 (-2.6%) at the moment. I believe this is a Bear Fakeout. Expect a strong recovery that will end the day as a Hammer candlestick (bullish)with a small down day and a continuation higher tomorrow and the days ahead on the SPX.

Note: This is what I believe will happen but I will make decisions (intraday) base on what the charts tell me not what i believe.
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