Tuesday, May 19, 2009

Bad housing data is really bad?

I missed the quick +5% gain this morning on SRS when it hit above $21.5 while I was away from my desk.

News is news. Read it objectively, don't add your interpretation on it. The thing that matters to me most is not the news itself. Instead, it is the way how market reacts after news is out. So bad-looking housing data is really bad? Market doesn't agree for the time being.

SPX bounced at SMA(10) on its daily chart, looking so strong as almost every support line for bulls works out. But could be a quick pop-up and fall hard. Let market tell us. Watch closely here.

Still holding my SRS positions.
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5 comments:

  1. rajuMay 19, 2009 at 11:23 AM

    You and your blog ---- amazing and sweetttt.

    We really apriciate for sharing your valuble thoughts and analysis to us , so that atleast we can get back our hard earned money what ever we lost in oct-2008 .

    Thanks again ...

    First time i am vising your blog...

    ReplyDelete
  2. Pivot TrendMay 19, 2009 at 11:33 AM

    Hi raju,
    Thanks for your visiting. Be a little bit patient and control your position sizing on each trade could help you make your goal. That is what I have learned hard from this market. Good Luck!

    ReplyDelete
  3. UnknownMay 19, 2009 at 11:42 AM

    I think SRS may come back again to meet your targe..

    ReplyDelete
  4. Pivot TrendMay 19, 2009 at 12:04 PM

    Hi Alan,
    Yeah, I am hoping so too. The chart of IYR looks so bearish to me. SMA(10) almost crosses over SMA(20), which could confirm MACD's SELL cross about one week ago. I may consider to hold SRS for a bit longer time.

    ReplyDelete
  5. UnknownMay 19, 2009 at 3:47 PM

    I sold SRS at $20.90.Good luck..

    ReplyDelete

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