Tuesday, May 21, 2013

Tuesday evening


SPY 15min (click for bigger)

There's a double-top in the oval, after barely exceeding the previous highs.  Also known as a bull trap.  The market will correct someday.  Doesn't have to be tomorrow or even soon, but that chart pattern is toppish.

Tuesday afternoon


The Squid told you to buy buy buy and then the market did a quick drop to find those tight stops ("Thank you." said the Squid) and now we find some green and some red.  Confused yet?  Remember, you don't have to trade everyday.  I'm taking my own advice and I'm headed to the golf course.  Good luck, traders.

Tuesday morning