Wednesday, October 2, 2013
Lifetime Channel Exerting Pressure
I've added to my longs @ 1674.75 in anticipation of a move towards 1720 (or at a min to the top of the ST channel below).
However, as you can see we are running out of room for my thesis to play out. The good news is that risk is well defined and since switching gears is not a problem for me I am still playing for a move higher.
I would be lying if I said I wasn't somewhat concerned because I know the type of pressure the lifetime channel ($DJI) will put on the rest of the market when the time is right. When it does, bulls will be crushed. I just don't think it will start until closer to the middle of October and probably on some type of perceived "good news".