Business Magazine

Mid-Day Update

Posted on the 13 December 2011 by Phil's Stock World @philstockworld
And here we are still in the little PINK Pullback Off Highs (POH) b wave channel that’s building itself out.   Remember its bull channel. Mid-Day Update  Mid-Day Update One thing you can see here is that the Pink POH line IS in definite play. We bust over that with conviction it could unleash a fair amount of short covering and a here comes Santa Claus type move.  We’ll see.  Mid-Day Update  Mid-Day Update  The big question today is if yesterday’s weakness WAS the end of the C wave as shown in the short term charts. We’ll know in the next few days.  Game Plan For The Week Of December 12 thru 16 Keep in mind this week is options expiration. 12-14 If I’m not mistaken there are 2 puts for every call out there.  If they (the street) wants to inflict some pain on the bears then they have all the ammo they need to do so.  If they really want to kill the short sellers who are attached to the perma bear outcome vs. letting the market confirm that thinking then Wednesday thru Friday are going to be the days to do it.  After all we are also in the "Paint The Tape" Window Dress for the year mode so that is also something that is going for the bull cause here into year end.  We’ll see, we’re not jumping to any conclusions here we’re just throwing out a potentiality. All that aside there is a lot of positive short term structure out there (a bit overbought but nonetheless) and very little negative daily chart perspective structure out there. So we’ll use market weakness in issues with chart structure that we can work with and continue to nibble on the long side.  Our long side watch list has a slew of  NEW names that COULD participate should we go on a run here sometime between now and the Holidays.  Another theme that we all need to continue to be aware of is that of a Jack be nimble Jack be quick type of market that can spin on a dime in both directions so be aware of that. Things could get rather fast the next

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