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Tuesday, July 28, 2009

Doing Nothing

What can you really do when $SPX showing a huge good looking inverse head and shoulder pattern but RSI is at 82%?

The answer is doing nothing now. It makes it tough to blog because it seems every chart looks so bullish but it also generally overheated. Since it's earning report season for many US firms, I have to extremely careful to avoid those up coming earning report dates.

On the other side, there are not so many counters showing bearish patterns after this kind of "insane" run up. The upward momentum is just so strong, those who tempted to short have been barbecued the last week or so.

It's hard, but i'm just waiting for now.

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