SPDR S&P 500 (SPY): Another Guru's comment on H&S "The ot...

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Thursday, 07/16/2009 8:38:22 AM

Thursday, July 16, 2009 8:38:22 AM

Another Guru's comment on H&S

"The other major technical consideration today is that the S&P 500, by breaking 931, has officially caused a head and shoulders failure pattern which is the most reliable pattern in the market. This means that 9 times out of 10 (actually some MIT guys once calculated it to 87% of the time) the market will now move above the head which is at 956. If the market were to instead break 869 before breaking 956, this would be the very rare "failure of a failure" which you've probably by now calculated occurs around 10% or so of the time. The odds are heavily in favor of the bulls here."

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