I was traveling last Friday. Late in the morning I heard on the car radio that the market dipped sharply and I was glad. By the time I got to my parents’ house, however, the market had bounced off the 200 day EMA and it finished near the HOD. I was kicking myself for missing the opportunity to exit some on the 200 day EMA because I still think the market will take another shot at the October high of 130.
Today turned out to be deja vu all over again. The market sold off in the morning and I thought I had a second chance to unload. I had thought Friday’s low should be doable. Not! It fell short of my target by 20 cents. And the market staged another afternoon rally as Greece appointed a new prime minister, finishing at the HOD!! Another day of $2,500 portfolio gain left on the table. Frustrating.
Looking at the daily chart, SPY has tested the 200 EMA successfully 3 days in a row. Consolidating above the 200 EMA simply bodes well for the bull. Now that’s depressing as I envision the impending slaughter.
How about some optimistic day dreaming to make my evening a bit more bearable? Well, SPY broke the 60 minute chart up channel today, and finished the day right at the lower channel line. Shall we say “one last kiss before goodbye”? Dream on.
Portfolio Value: $123,700