Brooklyn Bridge Sold!
You do have to hand it to the Boyz… they play a good game of hide and seek.
From the outset, we called the most likely scenario as a correction type day… and played accordingly.
The charts were helpful as usual, but as important was the psychology of the move.
Resistance from a number of our resources was 68 to the 73 zone. The RST move from the globex low was a gem, something only wall street can muster up enough moxie to pull off.
We had the PP as 58.75 and suggested that the 59 area was an important benchmark pre market. The 123 higher high was a doozy, and captured all the pull back buyers while stopping out the shorts.
The committed had second entry or scaled in with the backup at 71 marginal entry level.
Target was 63 as called in our room. The bounce high we called for the 68 area resistance, and any hi possible. The 69 held it, and then it was for testing the Angel again, squeezing the late longs.
These guys are so good, they should work for Orange Julius.
The 66.25 Demon got its target to the tick, nailing the 56.25 low.
We suggested 54 to 56 as support, and thought the day low was in as well as the high.
The return trip to the 64 middle left a few late shorts stopped out, but we held firm for our belief the 65 high would hold, backed up by the Demon.
60.75 magnet was called, with out side target for trailers at the 59 Angel, expected close 63.
59.25 held, bounce to close: 62.75
Sequence trading… that’s what its all about.
Say yeehaa and go home.
Brooklyn Bridge is sold!
Play it again, Maestro!