UPDATE- Sept 8, 2010

Good morning all. Just short up date for today.

I mentioned in the lounge we have a head and shoulders within the bigger H&S pattern on /ES now just want to shout out that Jesterx saw it too, so that only confirmed it that much more 

I shadowed the smaller one inside the bigger one so you can see it. Now they don't ALWAYS play out. Remember last week we had a beauty and the operators took it and tore the carp out of it!!!  I expect today will be allot of chop before Obama's speech tonight on his new moves to stimulate the economy. The charts show me still that we need to do some selling ;-)

The reason for the reversal of futures this morning was because Portugal's debt auction was not "as bad" as expected!  Satelli graded it a C. There are still issues across the pond no doubt that they are not telling us. 

Still long Gold Silver for the short term 

Happy Trading  Love Anna

SEPTEMBER 7th

Good holiday everyone,

Gosh it's so good to have this extra day to rest up and get things done. I have done a couple of videos and have outlined that I do believe we are due for a nice move down. I was a hair early on Friday but of course as I always tell my kiddies in the lounge we do NOT DO STRAIGHT OPTIONS with less than 30 days out unless it's a day or two trade. In front of a 3 day holiday you definitely don't want to hang on to front month options as the theta will open up and hit them hard especially if the underlying is going sideways 

I mentioned Friday I thought we could test the 1107 area overnight and on Monday and there it be!! 78.6% RL  We most likely open up to 1110 Spx 78.6% RL on Tuesday and retest the overnight highs. Then this week looking for a nice move down. 

Now how far down do I think we could go at least 1070 but most likely even lower, this is normally not a bullish month and all of the sudden everyone and their mom's are bullish!  You know what that means  The volume will return here this week and start to gain as the days go by, but I personally think the retail investor is pretty much dead and gone as they have been screwed way too many times lately and with the flash crash they are even less likely to come back in.

 I do think that in the month of November most likely a time to go long again.Gold is playing head games right now, but I am leaning that it will hit 1300 by end of year.

I have a couple of doozies to put on this week in the traders lounge that seem to be just the right set up and you know that earnings are coming out again very soon and that's my expertise  Lots of fun to do those high fliers

Have a great week and let's rock!!

XOXO Anna