Friday, March 23, 2007

Stocks: 7 Days Up



Above are the 4 major indices that I follow. As you can see, everyone of them has retraced more than two thirds of their previous down move. As you can also see, this is the 7th day of prices moving higher. When I see a move up lasting more than 3 to 5 days and retracing more than two thirds of the previous leg, the odds now increase for a retest of the high NOT the recent lows.

I've been trading commodity stocks from the longs side these past few days and doing alright, but as far as buying the SPY's and Q's , I'll leave them alone right now and just focus on individual stocks such as GOOG and whatever else I can find.

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