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Monday, June 3, 2013
Quick Trading Note On Transports
Dow Jones Transportation Average may have found its short-term support today. The price stopped at a laminate of the lower trendline of the rising wedge and horizontals. I expect a quick resolution to the upper trendline of the wedge. But I want to remind that rising wedge is a bearish pattern. So I also expect that after series of new highs, which could last until the first part of July, there will probably be a nasty reversal to the downside, resulting in breakdown of this wedge.
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Considering the QE continues, I don't think its a wedge, more of a channel.
ReplyDeleteThe 6200s held today..just, and I'm seeking another 1000pts from here by August.
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Q2 earnings and the econ-data only need to come in 'reasonable' for this nonsense to keep rising another few months.
I do agree though, when it breaks..its going to be very entertaining..and profitiable for those on the short side.