There is no doubt in my mind which way the market definitely wants to go now. How far down it wants to go and how long it will take for this to unwind is beyond ANYONE’S knowledge. NOBODY knows the answer to either one. There is only one thing you can do. Listen to the charts that clearly tell us the s*** is hitting the fan. GLD, SLV, SP500, and COMPQX make it clear the uptrend is pau (done). I told everyone in the forums/chat room that I was COMPLETELY selling my GLD about a week ago and now you see today why I did that. The charts told me to completely get out after the December signal told me to sell 25%-50%. I mean does a top get any more clear???? I think not. The price decline and volume on 12/4/09 is as clear as a “I am probably/more-than-likely done for good” as there can be after a trend last forever and everyone believes gold is going to 3,000. The same can be said about this market as everyone was top calling before the top EVER came (remember March, April, May, June, July…December????). Then this year everyone predicted higher stock prices. Well how is all that predicting doing anyone now? Once again, everyone wants to be a genius and prove they are smarter than the market. You are all very lucky I KNOW I am a moron and NEED charts. Without charts I would be totally screwed. Thank you Mr. Worden for producing such a wonderful product called Telechart 2007/TCNET. Not only do we have three very strong short setups but I have three less-than-very-strong setups for Platinum subscribers in the early shorts section. I was surfing HUGE and VERY POWERFUL waves today at HBay and almost died (FREAKING AWESOME!!!!) so I will have to come back after going to Nahienena (pre-school) to post charts and analysis.
new short positions: GS KSS LUK
GS is breaking down at the 200 day moving average after failing to get back above it, closing near the LOD, on strong volume with BOP going to a lower red level. Cut your final loss with a close above the 50 or 200 day moving average, depending on your risk tolerance, if the stock does not move lower immediately.
KSS is breaking down below the 200 day moving average after failing to even test the 50 day moving average, closing near the LOD, on strong volume with BOP turning negative. Cut your final loss with a close above the 50 or 200 day moving average, depending on your risk tolerance, if the stock does not move lower immediately.
LUK is breaking down below the 200 day moving average after failing the 50 day moving average, closing near the LOD, on strong volume with BOP inching closer to the red level. This is not the best short out there and I will be using limit orders only. Therefore, I may not get filled. Cut your final loss with a close above the 50 or 200 day moving average, depending on your risk tolerance, if the stock does not move lower immediately.
