Sunday, October 16, 2011

Internal Data Is Beginning To Look Better

SGS is LONG (As of close of 8/24/11) 
RTS 200110825 Long Portfolio (Bench Mark)

Indices have started to trade in a more sustainable uptrend channel (shown in purple for SPX).  At the same time the number of new highs increased nicely  for both NYSE and NAZ on Friday.  I think if SPX gets through 1230 with a relatively good volume and an increasing number of  new highs, we could see a rally to test  Primary Down Trend Line (shown in orange) between now and Thanksgiving.  I would be scaling into long positions again on pull backs to test the lower line of the new price channel (shown in purple).

Disclaimer: The views expressed are provided for information purposes only and should not be construed in any way as investment advice or recommendation.  Furthermore, the opinions expressed may change without notice.