Wednesday, November 30, 2011

Trader Update -data point 1 December 2011-

...the SPX 500 surged past the 50-dsma as well as the weekly trendline resistance current *1213.15 (Wednesday 23 November 2011 - Trade: buy Close *1211.46 (+) target: *1325 stop: *1236) on

reasonable high volume accumulation that improved the underlying uncertainty caused by low volume accumulation during the up-move off the 28 November 2011 Low *1158.67  - the index is short term overbought but momentum could carry prices past upper wedge resistance current *1252.16 into the heavily fortified *1260 congestion (the 200-dsma current *1265.89 - potential for the market to push prices up as far as the 8 November 2011 High *1277.55 before exhaustion sets in

...unfortunately, the VIX closed *27.80, unable to push below the program selling threshold *26.0 a result, this market appears to be the day traders version of nibbana, but a nightmare for investors seeking a sustainable longer term hold

Trade:  sell *1263.00 (+) ideal target: *1220/*1230 congestion stop: *1287.00)

Kind Regards

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