Monday, October 24, 2011

Hanging Man

I posted this on 10/16/2011.

1, Market followed in a textbook fashion till now. We had a lower low towards 1187 and then we hit 1257. Where from now? The market is still in a uptrend, till the next sell signals arrive. Don't be early to sell short.

2, VFC: It looks like the channel held VFC back today. There have been several attempts to break above, albeit unsuccessfully. What do you call the candlestick today? Hanging Man! I feel comfortable selling short here with a proper stop. Tomorrow should bring us confirmation of the hanging man patten. Tomorrow should also bring us AMZN's earnings results.

VFC daily chart here

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