After calling the long trade last week, I will be taking my profits soon from this trade. Since my trading style is to trade often by taking profits, I will be looking to collect my profits soon.
After a month of "correction" the /ES looks poised to spring forward again. We're riding the declining resistance line with positive momentum looming after what appears to be a double-bottom on the 4-hr. Even the Magic Odd Ball is heading for the green. However, I don't like
...that negative divergence on the Thrust from the past three days. A break above 1635-1640 should continue easy up to 1655, and maybe retest 1685 after that. Otherwise, there's support at 1615, just above the double bottom of 1600. The lower range could still be safe for base-building as long as it remains intact. There was quite a shakeup today with the rumor-mill active, but met with the resilience of printed money to pull it back.
I suspect that we'll see which way this is going by open tomorrow...
I'm still looking at GOOG as a stock that is in an up trend. My trading assumption is still bias to the long side. As you can see from this chart, GOOG is still in a channel moving up. Until it breaks 852 I'm sticking to this channel.
George Orwell's classic "1984" which basically intoduced the term "big brother" is #17 on Amazon's Movers and Shakers list. This is no small feat for a book that was published in 1949. Looks like Orwell was only about 30 years off, still not bad though.
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