Wednesday, June 2, 2010

Shanky Is Sick

Sorry for no posts today. I am out of commission. Watching the market today will make a sick bear feel even worse. I knew a turn was coming. When the upper wedge line on SPX was taken out, I knew it would get ugly for the bears. Friggin manipulated BS is all it is. You, as a bear or shortie, have to be ready for days like these. I have pointed to the resistance lines on RSI for over a week now as they would possibly signal a bottom for this move down being in. Here is the chart. RSI14 took out the TL today RSI5 backested it's TL and has popped. Now look for RSI 14 to move to the 50 line, then we regroup. I may do a more detailed post tonight. IMO there were few signs that this turn was coming that I could see. Mu 1106 to 1110 to gap fill target is in play still and I'll warn it could get worse (not that it deserves to). Again, sorry for being out today.