Thursday, December 27, 2012

SPX Daily/Weekly

SPX Daily
SPX Weekly

S&P Futures re-test

S&P Futures Hourly
The bears are re-testing that tail from the overnight swiper last week. Daily volume is pretty thin... and the ideal bullish reaction would be to not spend a lot of time in that 1391-1406ish zone (just poke around and get out). Current trade is about 1403-1404, with the LOD so far at 1401.75. With the high of the day session at 1418.50, that's a 16ish point range so far. That range seems a little wide given the intraday volume count so far, but December's are notorious for that. Personally, some of my biggest mistakes came from trades made in December, so be careful out there and don't try to force anything. Short term Sentimentrader indicators are looking ripe for buying.

Thursday Morning - Patent pending

Gator's Chart of the Day: IDCC
Interdigital Communications Corp. was my worst trade of 2011 and I refused to get back in during 2012.  I'm watching it again ...

The Trade
If I decide to enter I would not want to pay more than 42.  My stop would go just under the 50 day sma (40.42) and I would use the upper Bollinger band as the target to lighten up or exit the trade completely.  If the trade is stopped out quickly I would look for support and possible re-entry on a bounce from just above 38.