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April 25, 2008

Triangle Obsession

The S&P 500 pulled back a little bit further than I thought, but was supported by a back-test the triangle it departed yesterday. If we are going to bust 1400 soon, I believe today's low will have to hold. Breaking through the major pivot area around 1400 is obviously no easy task, as the chart illustrates:

stock chart

I got long after the triangle back-test but wimped out and went flat again after making a few quick bucks. There is just something about being aggressively long here that is disturbing... an ominous feeling in the back of my mind. Perhaps it's a little piece of mortared worry that will be used to construct the wall which this market climbs higher. So be it. I'm playing it safe at the moment.

 

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