Friday, May 09, 2014 9:59:31 AM
Next is the high probability of some of the longs who have been "locked in" with their positions at the three year highs who have not been able to either trade profitably or feel as I and other longs that this time the BOD better perform, therefore this really is it or it is the swan song for the sp, and take a calculated "risk off" position, averaging down, etc.
We have heavy volume with some profit taking this am. In my previous email, I should also have given some room and briefly touch on the parabolic rise of the sp, which as a rule of thumb would is, if we have hit the current highs, the sp could retrace to about the .07 range and then resume its upward bias. The retracement could happen today or in the next few trading sessions, pending on the tone and substance of the news from the BOD at the AGM.
Again I state emphatically, any hint of fluff in Las Vegas will kill this goose. The smart money will take their profits and run to the hills.
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