Head And Shoulders Top Forming

June 26th, 2009

Well, that was completely a wasteful day in the markets. I mean we did nothing as far as any significant movements. I’m sure you all felt the same way by mid-day and decided to go out and enjoy the wonderful day – at least that’s what I did with my family.

 

Regarding the post headline. I really think that the market is grinding out a intermediate head and shoulders pattern on the daily chart. Think about it for a second. Nearly two months ago were were trading sideways right at the same levels we are at now (left shoulder). Last month we jumped higher but again moved sideways (head). Now we surged lower last week and are again trading sideways (possible right shoulder). Get the picture!? So, if we break the critical 880 level I have been talking about for weeks now, I think the pain is going to increase substantially. As least that’s my thoughts on where this madness is heading this summer.

 

Switching to Options – I have to say that the popularity of the Option Writer’s report has grown substantially – which is great. I find it very interesting that from beginning traders to seasoned professional, they still have never heard of this amazing strategy. Not to mention that regardless of what market you trade in, you should be using this strategy to help generate monthly income for your portfolio. Honestly, once you try it ONCE you may very well never go back to the old way of trading options – TAKE MY WORD FOR IT! The new report will be going out last Sunday night. We will be starting to add to our August Income portfolio so this is a great time to get in at the beginning and make some great money. Besides, what’s better than trying it FREE for 2 WEEKS!

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