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Author: courteousTim Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 6326  
Subject: Re: Candlestick Charting Date: 8/4/2009 12:12 AM
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great idea Monty ... but I'm too tired to contribute much at the moment.

Check out the weekly chart ... pretty bullish break above the inverse h&s neckline although volume on the b/o was just average. Prediction ... dang I hate that word cuz it's too closely related to the crystal ball voodoo magic mentality.

Let's say ... considering the weekly chart overall, not just candles but the huge decline followed by an inverse h&s breakout followed by an indecisive spinning top (last weeks candle, not sure if I got the name right lol ... small body, small upper and lower shadows) ... I'd put odds in favor of a pullback. That doesn't mean it won't go higher before pulling back ... just that I'd prefer not to try making money on any further upside. I'd prefer to wait for a pullback and see where it pulls back to ... will it stay above ~90 or is it going to slam down to 70 or 80? I'm thinking the basing period will last longer ... and if instead it decides to start trending up there should be plenty of opportunities to catch the trend on pullbacks.

Obama's at the helm and folks are just starting to realize he may not be able to save the world. If he does save the world I'm screwed ... my plan will be defunct and SPY will immediately hit 150 and stay there flatlined forever.

Sorry ... didn't really mean to turn this into a political rant.

Tim
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