Thursday, August 25, 2011

Resistance Shorts are all the Fad

The theme of the day was the reversal of the 20SMA on daily .    Let’s take a look:
Crude ($CL_F) reversed on the 20SMA
$ES_F and $SPY reversed on the 20SMA  ($SPY 119 short was our game plan spot)
$IYR reversed on the 20SMA  (another HCPG pick resistance short from our newsletter last night)
And the freebie we put out yesterday on the stream  $LNKD 73.2 short which set up great at 74 today for a nice smooth ride to 70.
Range bound strategies rule right now — we’ll see if that changes post Jackson hole.
Follow us on StockTwits and Twitter