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How to Get Rich Investing in Stocks by Riding the Electron Wave

Proshares Ultrashort SPY Upleg Near Completion

Stock-Markets / Exchange Traded Funds Jan 21, 2009 - 02:33 PM GMT

By: Mike_Paulenoff

Stock-Markets Let's notice that after the Proshares Ultrashort SPY (AMEX: SDS) pulled back (to 82.88) during the first hour of trading, it climbed strongly to an intraday high at 87.11, which happens to be just shy of yest.'s rally peak at 87.65. The fact that the price structure failed to make a new high, and instead has backed away from the highs, suggests strongly that the upleg from the 1/06 low at 64.29 is at or is quickly nearing completion ahead of a meaningful decline.


Two scenarios are most likely: 1) that all of the action from yesterday's high at 87.65 is part of an incomplete bullish coil, which when complete should trigger one more upleg that projects to 88.00/30; or 2) failure to remain within the coil, followed by a break beneath 82.90/85 should trigger downside acceleration towards next target of 78.00.

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By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction

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Comments

sharegyan
30 Jan 09, 23:18
Indian Stock Market Tips, BSE/NSE Share Tips

Hi,

Once again after crash Nifty has started going up. Now we suggest all rises should be used as an opportunity to exit old long positions.

This bull run will continue for few more days. Overall market is in bearish mood as in medium term its just a small rally due to short covering

and result season.

Happy Trading,

ShareGyan


sharetipsinfo
09 Feb 09, 02:06
Indian Stock Market Tips

Now result season is going on and results are not that positive in broader terms. More or less results are mix for Indian companies. Still requires one triggering point which can give clear trend in the market.

Still Nifty is in mix zone. Nifty will be bullish only if Nifty manages to trade and sustain above 3150-3200 level below these levels bears will rule the dalaal street.

Few Stocks to stay away from for short term

1. DLF

2. Satyam comp

3. Bharti Airtel

4. Tata steel

5. Rcom

Please feel free to contact us for any query.

Regards

www.ShareTipsInfo.com Team


buzzingstreet
11 Apr 11, 06:08
stocks

Hey,

Current stock market conditions are not favorable for safe investors. Market is trading highly volatile. Never ignore using stoploss while doing stock market trading.

Day traders should keep very close eye on Nifty and its important levels so that traders can earn money rather than losing it.


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