The Italian parliament passed austerity measures this morning (why did they have to do it on a weekend!?), and its corrupt prime minister has duly resigned this evening. Future will explode tomorrow (Sunday) and Monday we’re going to have a huge green gap as the world go into euphoria with abandon, and it is scaring the %$#@ out of me!
Looking at the chart from stockcharts.com, it is crystal clear I would have taken partial exit of my short exposures last week on the 200 day EMA test if it weren’t for the jinx that I had to be using tradestation, which did not and will not make historical price adjustments on SPY due to dividend payouts. The resulting chart had misled me miserably. I resent!
Monday can easily gap out of the symmetric triangle, and easily flirt the October high of 129.30 with a modest 3% rally. If the bulls have their ways, 134 target by year end would be quite reasonable. I am toast!