Friday, April 9, 2010

Crack? LOL!

 Stupid me to think a great setup had a chance to bring the market down late on a Friday. Lord when will I ever learn. Looks like the wedge on the 1m was a simple pennant or a flag and caused a great whipsaw in the indicators on the 30m below. Check out the MACD whipsaw on a 30m chart no less in the big black oval. Call it channel magic! Call it what you may. Remember, playing in the street with the Fed and PPT is a dangerous game. Enjoy your weekend.

If the 60m divergences hold this could get interesting. If the 30m is a fake out this is just a reset of the lower wedge line.