Could be more push up tomorrow especially QQQQ.
|TREND||MOMENTUM||EMOTION||COMMENT - Sample for using the trend table.|
|SPY SETUP||ENTRY DATE||INSTRUCTION||STOP LOSS||Mechanic trading signals, details are HERE.
Take profit whenever you see appropriate.
|ST Model||12/21 L||
|Reversal Bar||12/21 L||
*Adjust Stop Loss
|Other Signals||12/28 S||2xATR(10)||
2% stop for SPY, 4% for SDS, 5% for BGZ.
INTERMEDIATE-TERM: BREAKOUT BUT I'M NOT CONVINCED
Nothing new, breakout but I'm not convinced, see 12/24/2009 Market Recap for more details.
The latest II Survey, record low number of bears still kicking.
SHORT-TERM: COULD BE A PULLBACK SOON
The Santa Rally starting from the Monday so far wasn’t impressive, the SPX rose –0.01% up to date. There’re still 3 days left until Jan 5 for the Santa Rally, let’s see if the market could bring us more pleasant surprise. The bottom line, maintain the view for expecting a bigger pullback soon. 0.0.2 SPY Short-term Trading Signals, so far repeated the same happened after a Black Bar in the past, and so I expect a rebound tomorrow, mostly likely we’ll see a QQQQ new high.
1.1.5 PowerShares QQQ Trust (QQQQ 30 min), 1.0.4 S&P 500 SPDRs (SPY 15 min), Pennant or Bull Flag, especially the QQQQ 30 min chart looks very bullish. In addition, according to today’s After Bell Quick Summary, a green day tomorrow is high likely.
3.1.0 PowerShares DB US Dollar Index Bullish Fund (UUP Daily), black bar, so the dollar could pullback tomorrow therefore it’s also good for the stock market.
INTERESTING CHARTS: NONE