Monday, September 19, 2011

Unconfirmed NDX Breakout

We have an unconfirmed NDX breakout. It is making new highs above last week, yet SPX and DJX are not. This may be a good time to be a little contrarian here. Unfortunately, I hate to put counter-trend positions on just before Fed. Let's just hope we have the same divergence at the time of FOMC, and then we know what to do :)

I am using this little afternoon short-covering rally to get flat the small long position bought earlier in the session. No more trades pre-FOMC.

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