Short Term Trading Member Forum

[DowDeva]

Thanks, Oddlot. Thought you were talking about another kind of channel. Hurst used envelopes quite a bit, so did Airedale. That is what I thought you spoke of (of what I thought you spoke?).

After scanning many of my charts tonight, I don't think this rally is cooked yet. Breadth hasn't turned over completely, getting mixed signals. Definitely some cracks, and their big ones. New highs abysmal, for example.

I'm thinking October, and as I said, if SPX declines to 247, I think for now (barring a declaration of war, or some such thing) 245.60 might even be a decent long signal.

Selling calls is the way to go for me right now, not all out short. Timing is everything for this options player.

Here's a divergence on the equal weighted index for the bear case, but as I said, not quite cooked:

http://stockcharts.com/h-sc/ui?s=$SPXEW&p=D&yr=0&mn=6&dy=0&id=p32072758515&a=521075417&listNum=17