Tuesday, April 28, 2009

Choppy

Last week's H&S on the SPX 60 min. was rendered moot with Friday's strong up day. We're now in more of a consolidation (time correction) on the daily. As a result the 30 min. is starting to get pretty choppy. The main question in my mind is whether or not we're forming a complex top before a deeper retracement, or just pausing before the next move up. I've already taken a few anticipatory trades, but would like to see the SPX break above either 875 or below 830 ish before I aggressively short (or adjust existing positions & get longer).

Tyler-

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