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I’m typically spoiled in the early morning hours by a Springheel Jack post, but perhaps what he put up yesterday was “Monday’s” post. I’m too bleary-eyed to research it. Anyway, just to get the silly video off the top of the page, here’s a chart of one of my shorts which is breaking support this morning: Louisiana Pacific.
As with those listed on my Saturday post, here are positions that I intend to short – – but at hopefully slightly better prices.
Series of lower highs along a descending trendline……
Since the end of 2012, the bears have been pathetically weak on every timeframe over hourly. It looked like they might have recovered some mojo on Thursday, but the strong rejection of those lows on Friday, with the close back over both the daily middle band and the 50 hour MA, killed off that impression fairly effectively. While SPX is making lower highs the bears aren’t entirely out of the game, but unless we see the 1952 low taken out, it seems a reasonable assumption that SPX is just consolidating in a range before the next move up. (more…)
