Markets made a nice bounce , as expected, but gave back most of the gains by the end of the week.
So far it looks like we are in for another weak lunar Green Period.
We remain in Green Period, so I am looking for the market to try the upside again.
But if the action turns out to be weak, then we will have to buy protection going into the next lunar Red Period.
We are still very close to major support levels, here is the chart for the S&P 500 (click for larger image):
The 1250 level remains very important here.
A drop below it would easily trigger an acceleration to the downside.
So if we do not get healthy upside action this week, then we will be at a critical juncture going into lunar Red Period next week. I will buy at least some put options for protection.
Good luck, Danny
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This entry was posted on June 27, 2011 at 10:44 am and is filed under Market Commentary.
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LunaticTrader
Outlook June 27
Posted by Danny on June 27, 2011
Markets made a nice bounce , as expected, but gave back most of the gains by the end of the week.
So far it looks like we are in for another weak lunar Green Period.
We remain in Green Period, so I am looking for the market to try the upside again.
But if the action turns out to be weak, then we will have to buy protection going into the next lunar Red Period.
We are still very close to major support levels, here is the chart for the S&P 500 (click for larger image):
The 1250 level remains very important here.
A drop below it would easily trigger an acceleration to the downside.
So if we do not get healthy upside action this week, then we will be at a critical juncture going into lunar Red Period next week. I will buy at least some put options for protection.
Good luck, Danny
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This entry was posted on June 27, 2011 at 10:44 am and is filed under Market Commentary. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.