I posted the chart to the left on Sunday and made this post on Monday, Yes, I’m patting myself on the back because the entire planet was calling a bottom and it’s starting to PISS ME OFF!!!!
We breached 8000 which is more psychological than anything else but it sets up for a big move down. Volume was light I know, but three more days of light action like today and the $INDU breaks 7000 and into the six thousands.
As I thought, it was all about the financials as they confirmed yesterday break. The XLF is setting up for a measured move to $ 8-9 which could put SKF to the $300 level over time.
I had my best day trading in a year and it was all SMN and SKF. I wrapped up for the day around 2pm but not before I put a short (ON TWITTER) on WFC at the $25 handle. This one is going lower.
I’m running to visit my sister with the wife and kiddies. Check you later. Hope everyone was short something.