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techcharter

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techcharter

Re: None

Wednesday, 07/22/2009 10:35:52 PM

Wednesday, July 22, 2009 10:35:52 PM

Post# of 51804
Been on the sidelines lately.

I saw an opportunity today I felt like taking. DIA Aug 89 puts. I counted five waves up, and the spike was broadening. In fact a broadening pattern has developed the last 3 months.

http://stockcharts.com/h-sc/ui?s=$indu&p=D&yr=0&mn=6&dy=0&id=p75635173805

The best opportunity I saw was the transports. The correction of the March - May bounce was a triangle. Post triangle behavior is generally a sharp thrust above the top of the triangle, which has happened. If there is a tracking stock for the transports, I'd like to play its options because the e-waves for the INDU, SPX, and NDX are more difficult to count.


http://stockcharts.com/h-sc/ui?s=$tran&p=D&yr=0&mn=6&dy=0&id=p75635173805
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