Wednesday, February 11, 2009

Bear Potato Day 2 - Feb. 11 - The Bear Potato Prevails on a Sideways Day.  "Paper Cup in the Parking Lot" market activity.
3M, Daily - Feb. 11 - Longer range Bear Potato (Gold Spot).  Keeping the longer range in mind as we trade shorter term is important when it comes to staying power commitment.
5D, 30M. - Feb. 11 - Sideways movement is bracketed by the Black Lines.  Most of todays activity was at, above, and below the Pivot (Blue Line).  The Bear Potato prevails although the close was inside the Devil's Den (see sidebar for definition).
10D, 60m. - Feb. 11 - Again the sideways movement is noted.  The market did close within the Devil's Den which was also seen on the 30 minute chart.  Recent lows are also subject to challenge should the market go down on Thursday.  Potatoes usually last more than 2 days.
2D. 5m. - Feb. 11 - Very narrow range of action today.  No significant "JA" trade recognized.  There are not a lot of clues as to where the market will go tomorrow.  News events seem to have big impacts.  Uncertainty persists as to what the government will do and what the results of that action might be.