www.guerillastocktrading.com Hi my comrade stock traders. What huge incident happened on today’s chart? A bearish Head and Shoulders top on the S&P 500! The markets have been falling for a couple of weeks now. It conclusively came down and closed the neckline today which suggests this. You need to get out of this market and in the shelter of hard cash or bonds. Perma-bulls should be out of this market. Look, if you are going to play it more forcefully as I am then you should be shorting the market. True? As the neckline closes on the bearish Head and Shoulders top it’s time to go short. My preferred move on this is not really to short the S&P 500. What I like right now is the UltraShort Consumer Services ProShares (SCC) ETF. The bear market ETF seeks on a daily basis investment results that correspond to twice the inverse of the daily performance of the Dow Jones US Consumer Services index. Thus by buying this ETF, you are really shorting consumer service companies like travel company Ctrip.com, ambulance and facility-based physician services Emergency Medical Services, Monro Muffler Brake Inc., NutriSystem Inc., Internet-based social photography sharing Shutterfly, Inc., medical ambulance response service Rural Corp., laundry facilities management contractor Mac-Gray Corp., and travel service provider Universal Travel Group. In this episode I do technical analysis on the UltraShort Consumer Services ProShares (SCC) ETF and show you precisely the reason why I went long …
Stock Market Technical Analysis S&P 500 Short Time
Monday, July 5th, 2010 at
05:43 pm
@cawley37 Support and resistance lines and trend channel lines trump Bollinger Bands, sorry John Bollinger. Could we get a short term pullback in SCC? Yeah. But I’m very close to my 5% to 10% profit and them I’m out. You are looking at an older video from June 29th so if you did not get in where I recommended, then you waiting for a pullback to enter sounds good. Make sure you follow me on Twitter or Facebook so you get my entry points in a timely manner.
Looks like a great place to move money in the falling market. One concern/question: SCC is trading near it’s upper Bolinger Band and stochastics indicate that it is in an overbought condition. Do you think these indicators give a meaningful picture because it looks like SCC will be heading down shortly? Or might it hit the +$41 target, retrace a bit and continue to head up? Do you expect any support or resistance after hitting the target? Sorry, this is new to me. Thx