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  • rezzorito rezzorito May 17, 2012 4:18 PM Flag

    Perfect head and shoulder forming here

    Looks like 630 could be the max tomorrow. Lows could be around 610, and then finish 615's, which agrees with option max pain. Go up with FB, come down when reality kicks in. Buy some aapl, then short this at 630. Market is as of today oversold, so I definitely expect rising spx in the morning. Don't shoot me, it's just an opinion.

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    • I have not look at the charts yet but my feeling is telling me GOOG and AAPL will go down. They are not that much up compare with the market.

    • Then I wait for SPX hit 1245-1255.

    • Well, I would wait for the market to drop a bit more. spx 1245-1255 is a possibility. I will be looking for a oversold bounce next week. I will not short the market and try to catch a falling knife. Holding cash is the wises investment at the moment. GL

    • Then with looking to the chart, do you buy calls or puts?

      The economic news is not good. We are in bear market now.

    • I think fear/greed are not part of my decision making. So you would be right. However, there are other elements that cause interference, such as having opinions/thesis. That can blind you from the truth, which is always indicated by the current price action. You may have a plan but you must constantly be on your thous, and not get lost in your thesis. Greed, I might add, gets sometimes mistaken for good trading. I think it is crucial for a trader to maximize good trades. At the end of the day, the best traders get only 65% to 70% of the trades correctly, so if you want to profit you have to use your opportunities wisely.

      I am not enticed to buy at these levels. Buyable levels for me goog & appl=565. Max pain as of this morning goog=585, aapl=570. GL

    • Mr. Rezzorito,
      congrats on yet another aacurate chart-read. In fact, you have shown such talent that it wouold seem to me that you would be able to amass great wealth with these skills. Yet, it probably is never that easy. But you do seem to always be a few steps ahead. have you found that the charts indeed help neutralize the damaginf elements of fear/greed?

    • The chart shows the GOOG will go down. It is reverse of head and shoulder. It also went down with good volume.

      AAPl seems will go up.

    • Spx reverse head-&-shoulder complete. It will print 1310 today. Might be the last bump. Longs will look to sell and cash out (good traders sold this morning and bought back 1/2hr ago). My goog price target worked out just fine I would say.

    • You know the chart really good. I like to understand the chart better (I had class few years ago). I am not sure how much time you have. Would you send me an email if you have time to talk about chart. I like to ask you some questions. investment12@q.com

      Thanks

    • Didn't hold 1313. Too bad. As a result aapl dropped below 575. Still holding though. It's just a signal that the market is not comfortable with being fully bullish. Sellers/Shorts step in and ruin any extreme bullish set ups. Double bottom at 1311 or lower to 1305?

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