By Sell Puts
Today Google was upgraded with a target of 600PPS put on it. I have put a few lines on a google chart i have been trading for some time. Basically what i did was extend the current crescendo of trend lines out until they reached 600. The chart is very rough and theoretical, but it is good for visualisation of the trend. In other news the market was up 165 points, on seemingly nothing. Next week once again will be telling, probably lots of chop. If you want to play something in this market, the best way to play it is largely in cash, unless you can spread off the risk or hedge. we are at levels once again showing extreme overbot conditions.
Also i noticed an interesting trading pattern on the JPM chart. if you look closely it appears to be a inverse descending triangle, with the break out point being 48 pps. hard resistance has formed in this area. I would be willing to guess the medium term target could be that level.
Drumbeat: June 2, 2012
5 hours ago
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