Stock, Option and Futures Trading

Stock, Option and Futures Trading

DOW 11,750


In this post  https://wwweminischool.wordpress.com/2011/11/09/might-get-crazy-here/

We said the 11,750 level was going to be important and if it held the market was still in the condition to short squeeze. We are up +245 on the DOW as I write this. It is a shame LVS retraced as much as it did but if you use the 11,600 as your stop on the options you would still be in LVS.

We could have had the fake out to the downside to get people short and now we are starting the short squeeze that will follow through next week.

Just like 11,600 was important now the 11,750 is the important level to watch for support. We will do a full update over the weekend.

Anytime I see a move like this I always look back at the last low and think it looks like the head of a inverse head and shoulders. Symmetry support is .786 so that means the DOW could still come down to 11,800 and still be bullish as it builds higher lows UNTIL the bigger time frame kicks in to take us to a new high.

Happy Trading,

http://www.eMiniSchool.com

 

 

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: