SGS is Long (As of close of 4/30/2012)
SPX sold off last week and started to trade in a steeper down trending price channel (thick brown). Short covering and buying kicked in later in the week which helped SPX to close near the bottom channel line of its shallower down trending price channel that started in April (thick orange).
Indices are oversold. SPX very likely rallies this coming week to test resistance at its 20D SMA. If SPX fails to close above its 20D SMA and starts to sell off again, there is a good chance we see SPX drops to test supports around 1340 and possibly around1310 levels by end of this month. Those levels are excellent buying opportunities.
Disclaimer: The views expressed are provided for information purposes only and should not be construed in any way as investment advice or recommendation. Furthermore, the opinions expressed may change without notice.
In CASH (per plan closed all positions on 5/7/2012 around 9:30 AM after reaching 2.5% gain)
Opening Following positions on Monday 5/14 at open and closing on Friday 5/18 at close or if a goal
of 2.5% portfolio gain is reached during the week:
- Longs: (10 Positions Equal $): VRTX WCRX EXPE MNST AMZN DIS T VZ GILD BIIB
- Shorts: (5 Positons Equal $): SPY
- Update (Mon 5/14 @ 8:38) I'm delaying opening ST positions. I'll post updates on my FB.
Indices are oversold. SPX very likely rallies this coming week to test resistance at its 20D SMA. If SPX fails to close above its 20D SMA and starts to sell off again, there is a good chance we see SPX drops to test supports around 1340 and possibly around1310 levels by end of this month. Those levels are excellent buying opportunities.
Disclaimer: The views expressed are provided for information purposes only and should not be construed in any way as investment advice or recommendation. Furthermore, the opinions expressed may change without notice.
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