THESIS ON $SPY and $QQQ GOING FORWARD

Here is a quick followup on the post  http://goo.gl/Di8dH  which I did   on July 10th, 2012 as to why I went long  $SPY $QQQ at 3:50pm EST .

Let’s take a look at 6 things which has happened since then, all of this has been reviewed in our free online trading room , where we bounce ideas all day as well.

1. ON July 11th, we had a flush down which was quickly bought back up. Read this post http://goo.gl/frtfG about why it happened

2. ON July 12th, 2012 we once again had some bs news which came out and everybody was thinking for the world to be over again. But hey guess what the dips again got bought and we ended near the open of the day.

3. ON July 13th, 2012, as always after a few dip buyers, we see some conviction buyers aka followthru candle which was beauty. Enough said.

4. ON July 17th, 2012 once again Mr. Ben speaks, we get a flush down but hey guess what we tested 20ema on daily and dip buyers came back in. We did call it out in free online trading room  to start putting out feelers before we loaded the boat to go long.We also closed right above the neckline of the head and shoulders pattern which as been forming since Feb 2012.

5.  Today on July 18, 2012 we are back above the key 136 level and are going strong with no signs of weakness in the markets.

6. Next resistance is at 138.70 and after that is 141.75 which is almost the highs which we saw back in 2008.

Email me : dchsn6@gmail.com for free online live day trading room

Follow me on twitter @dchsn6

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dchsn6

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