Looks like we jumped the gun Friday, getting back in too early after
scoring 15 points on the downside. We have a substantial cushion, being
up 626 points/45% since inception on March 22, but I really hate giving any of it back on a off-hours dump like this.
As I posted Friday:
While the upper bound of our rising wedge has been pretty clear, the bottom has so far refused to present a crystal clear picture. Whether or not to include which tails has left the exact slope muddled, which means it's difficult to anticipate the probable low this morning.
But, there is a trend line (yellow, dashed) in the daily RSI that indicates a bottom is already in.
It caught the tumbles on Apr 10 (-28.25), June 11 (-42.25), June 25 (-24), July 12 (-19.75) and is thus skilled at putting a stop to big drops. It has just been tagged this morning.
On top of that, check out the red channel lines we drew months ago. If I'm not mistaken, that's a solid tag on the latest of the channel lines that also suggests the bottom is in.
Continued on pebblewriter.com...
The new pebblewriter.com wrapped the 2nd quarter at the top of its class. Investors who simply bought SPX at called bottoms and sold at called tops would have earned over 37% (about 45% between March 22 inception and July 20.) For details, click here.
For the price of a daily latte, get unique and insightful analysis like this every day. Annual membership rates are going up by $100 on July 28. But, the next 37 new annual members who sign up by midnight July 27 will save 37% off the new rate -- a $300 savings.
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As I posted Friday:
If you didn’t get short ahead of time, the likely downside of this push is the small channel bound at around 1364. I don’t think it would be worth jumping in at this point. Of course, if we break 1360, it’s a different story.Having a stop at 1360 doesn't help much when the market gaps open down 20 points. So, we'll focus on where we're likely to end up today.
While the upper bound of our rising wedge has been pretty clear, the bottom has so far refused to present a crystal clear picture. Whether or not to include which tails has left the exact slope muddled, which means it's difficult to anticipate the probable low this morning.
But, there is a trend line (yellow, dashed) in the daily RSI that indicates a bottom is already in.
It caught the tumbles on Apr 10 (-28.25), June 11 (-42.25), June 25 (-24), July 12 (-19.75) and is thus skilled at putting a stop to big drops. It has just been tagged this morning.
On top of that, check out the red channel lines we drew months ago. If I'm not mistaken, that's a solid tag on the latest of the channel lines that also suggests the bottom is in.
Continued on pebblewriter.com...
* * * * * * * * *
The new pebblewriter.com wrapped the 2nd quarter at the top of its class. Investors who simply bought SPX at called bottoms and sold at called tops would have earned over 37% (about 45% between March 22 inception and July 20.) For details, click here.
For the price of a daily latte, get unique and insightful analysis like this every day. Annual membership rates are going up by $100 on July 28. But, the next 37 new annual members who sign up by midnight July 27 will save 37% off the new rate -- a $300 savings.
Just enter the discount code SAVE37 when you sign up. Thanks muchly.!
* * * * * * * * *
update July 23: only 22 annual memberships with this special discount left!
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