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Another year, another SEC college football
championship. Here is the recap. Alabama,
winners of two of the last three championships, lined up against an overmatched
team from Notre Dame. Alabama's running backs were better, their
offensive line was better, their quarterback was better, their defense was
better, and most importantly their head coach had already won THREE
CHAMPIONSHIPS. Yet there was a case for
all the "what ifs" that could help Notre Dame win.
I was dying – just dying – to short HerbaLife earlier today. I never thought it would be bid back up to levels like these. This is a total gift to the bears. I have no position, because there are no shares to be had, and the options are so sky-high I don't want to bother. But………….
I'll run SPX charts on various timeframes this morning. One that I won't show as I have a lot of charts today is the weekly chart, where I gave a target at the upper bollinger band a couple of weeks ago. SPX fell a few points short of that target last week, but it looks like a hit on the chart so I will count that target as made. Weekly middle bollinger band support is at 1425, but more often than not SPX continues to run up under the upper bollinger band after the first hit, so the odds do not favor an immediate return to the middle BB.
On the daily chart SPX has now closed over ten points below the upper bollinger band. I count twenty previous instances of this on my chart from July 2011, and sixteen of those subsequently made it back to the middle bollinger band before touching the upper bollinger band again, so the odds strongly favor that here. Daily middle bollinger band support is now in the 1435 area:
