Monday, February 9, 2009

3M, Daily - Feb. 9 - The Long Range view needs to be kept in mind.  There has been a longer term Bear Potato that perhaps is being threatened with extinction.  The Channel depicts 6 up trending days with potential for a breakout to the upside.  Should this happen it would reinforce a bullish move within the longer range bear market.  What is seen above in the channel is, of course, our current Bull Potato in action.

Bull Potato Day 4 - The Bull Potato remains intact with a sideways consolidation day. Following two strong up trending days this should be bullish for Tuesday.
10D, 60m. - Feb. 9 - Channel outlines the Bull Potato.  The trend is still up.  Today (Monday) was a sideways day in which the SPY range was only 1.25 points.
5D, 30 m. - Feb. 9 - The 30 minute chart almost gave up the 10D MA but recovered later in the session.  The Hourly was never really threatened easily preserving the Bull Potato.
2D, 5m. - Feb. 9 - The narrow range of today's market is outlined by the parallel black line.  The blue central pivot runs pretty much through the center.  Today's action was choppy.  The internals were not impressive which made the "JA" play risky.