Why do we like this action? Take a look at the following charts and see how today we're basing right under resistance. Sharp moves up would be sold but a base and stair-step higher would be much more effective in trapping the bears.
Monday, February 08, 2010
Consolidatory Action
Very good digestive action by the market (as long as we stay in this range) and we haven't made any trades. We're still long and strong CENX TC FCX ANR MOS MEE BVN NUE XLE SMH SQM.
Why do we like this action? Take a look at the following charts and see how today we're basing right under resistance. Sharp moves up would be sold but a base and stair-step higher would be much more effective in trapping the bears.
Why do we like this action? Take a look at the following charts and see how today we're basing right under resistance. Sharp moves up would be sold but a base and stair-step higher would be much more effective in trapping the bears.
