Friday, February 13, 2009

Bear Potato Day 4 - "Most of the Day was Spent in the Devil's Den." - see sidebar for info.
10D, 30m. - Feb. 13 - The 30m. chart was giving bullish signals and moved into the Devil's Den threatening the prevailing Bear Potato.  As mentioned often positions taken in the Devil's Den are higher risk.  The more conservative move is to wait for confirmation on the 60 minute chart.  There is even greater risk if the "internals" do not support the direction of the move which was the case today.  
10D, 60m. - Feb. 13 - As seen here in the Gold Spot, there was no confirmation of the bullish move.  In fact the Bear Potato was even reaffirmed when the final candle fell below the 10D MA.
2D, 5m. - Feb. 13 - Today was mostly chop with trading in a narrow sideways range.  The internals were weak which did not support any "JA" plays.  
3M, Daily - Feb. 13 - The Bear Potato prevails on the Long Range 3M chart.  At the present time we have Long and Short Range Bear Potatoes (which means if you are a contrarian, the market will go up).