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[Previous entry: "AGIX Exit for -.65, 4%"] [Main Index] [Next entry: "AM Close position, net gain +$1.11, 4.9%"]
08/30/2004 Archived Entry: "Fibmaster's Daily Update"
Recent ProfitPoint trades:
We were short ALDN from 8/6 at $17.58 . We closed the 1st half on 8/23 at $15.58 for +$2.00, 11.4%. Friday we exit the 2nd half at $16.15 for +$1.43, 9.7%. The total net gain for this trade is +$1.71, 9.7% S&P perspective (E-Mini)
The E-Mini has a huge down-sloping channel on the weekly chart, since the high of 1163.75 in March 2004. The current rally to 1109.75 on the daily chart puts us about half-way into that channel. The recent rally has pushed the S&P above an important resistance level, which is a bullish sign if these levels can be maintained. QQQ has a similar strong resistance level at $34.50, which is being tested lately. If these SK resistance levels do not hold, the market is bullish! DIA has the equivalent SK resistance level at 101.75 to 102.50. This resistance level still needs to be tested and broken for the bulls to prevail. This could be a telling week. It seems that the S&P is leading the bulls, and could be over-extended. Watch these levels for great short opportunities if the bears surface.
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