Seeking Alpha

Jeff Pierce's  Instablog

Jeff Pierce
Send Message
I’m a swing trader of momentum stocks with a holding period of anywhere from a few hours to a few months. I run a number of screens to locate the strongest/weakest stocks out there, using technical analysis to determine my entries and exits. Trying to calculate the intrinsic value of stocks in... More
My company:
tradewithZEN
My blog:
zentrader.ca
  • SPY Bumping Up Against Resistance 0 comments
    Nov 24, 2012 6:05 PM | about stocks: SPY, DIA, QQQ

    The post-election drop in the markets has been swift, but should be no means a surprise given the series of lower lows and lower highs on the S&P 500 below. The 2 day rally we've seen has been impressive, but no match for the selling we've seen (so far). I rather expect a dull market throughout the rest of the week and don't really see myself taking any trades as I try to avoid choppy, low volume trading. In other words, now is time to catch up on some reading or whatever you do when you're not trading because preserving mental capital is just as important as preserving your trading account. That way you'll be clear, focused, and ready to take advantage of trades when they do set up.

    The VIX is nearing it's lower wedge pattern and that is not a good set up for the overall markets. One more thrust lower on the VIX and I expect the markets to be under some serious pressure. My dates for this dead cat bounce to end and the primary trend to reassert itself are between the 26th-28th, meaning this week is essentially a write off, as most Thanksgiving weeks are.

    (click to enlarge)

    (click to enlarge)

    Stocks: SPY, DIA, QQQ
Back To Jeff Pierce's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.