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The latest from the Options Hunter sessions 04/29/2009
There is still meandering in the major markets and loss of conviction in some of them and weakness in currencies and commodities. GLD moving in the same direction as the Australian dollar, weekly is still moving lower and daily is just starting to roll over, have patience and don't do anything until daily confirms and then can re-enter. No reversal, just a re-entry based on what long term charts have told us. If the hourly angle of the MACD starts plunging that will help the daily along. But, right now the price and the MACD are in sync so not info for put options. MTH - monthly divergence above signal line and weekly strength, indicator was already above daily price. Mentioned it on 4/21, could've made 500% in the last week alone. PMH - not as clear as MTH on monthly and a downside divergence on the daily. SCO - divergence setup a few weeks ago, it appears the price still wants to go higher, don't get spooked by gap down because the MACD was still strong up, don't need divergence on hourly to reenter, just need to turn up. QQQQ - weekly divergence still in place, but daily just meandering, monitor short QQQ's too. NWX - Networking Index very strong weekly and daily pattern, so look at CSCO and JNPR, with Juniper having the stronger chart pattern, need hourly to turn back around. |