This is the Santa Clause rally and there are two (2) possible T's that are working. the Smaller T has expired and the larger T looks to last a little longer.
The T in the above chart has expired and I am closing out my long position at the close. In the above chart there is no indication of any other T that would influence this trade.
After closing out my long position I will look for a possible short, however, a new center post could develop very quickly so be on the lookout. The current T may have started at the last high point on the oscillator back on December 9, 2009. If this is the case then the T has further to go and the Santa Clause rally can break into new high territory. If so, buy the breakout! I closed out my positions at the following prices at today's close:
Bought BGZ @17.03 + .80
Sold BGU @ 52.98 + 2.32
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2 comments:
Thanks for posting.
So where do wee see the big T ending? FWIW I'm looking at late Jan/early Feb.
Cal
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