Wednesday, March 03, 2010

Some Bearish Charts

Nice CME retrace, six month daily:
Cross of death tomorrow on BBY, six month daily:
Not exactly a new trend on GS, six month daily:
Disclosure: No positions in these but today I sold some of my QQQQ calls and bought a few puts.


Gridlock said...

Did BBY just get less bearish?

pythagoruz said...

Yeah, definitely. It broke back above its 50 and 200 dmas despite the cross of death (50/200 dma crossover). I still see a long term reversal in the BBY chart but the short term is looking somewhat bullish so long as it gets back below that upper BB. It looks like BBY broke out and ran about three months ago just before it gapped down and tanked on earnings. Perhaps its doing the same thing now, when are earnings?