Monday, September 12, 2011

Free stock pick for 09/12/2011

Dear trader,
When you will see my watch list you can think that my bias for Monday is very bullish. I won’t look on that way and because of that I decide to try explaining my bias for Monday. On SPY weekly time frame we can see that bear flag pattern. It is great for continuation pattern, but consolidation was to small (flag is to small) and because of that break down could be very tricky. Everything can happen, but from technical view if we will see new low very possible it will be slightly new low. At this moment I won’t expect to see equal move new low. For that we need to see longer weekly flag consolidation and pull back from 10sma or 20sma. Since 60 min time frame charts are extended at this moment I’m not interested for new short setup at Monday in the morning. If that will happen and if we will see selling continuation without 15/60 min rest then I will just wait and I won’t be active at all. In case that bounce will come I will be prepared with long ideas what I post in watch list. Short explanation will be: I’m interested for possible bounce or nothing at this moment. My main occupation is low risk setup and I don’t see short low risk setup at this moment. I hope that have sense. If any one will have any question about it, please send me email and I will be glad to answer on it.

Ivica at Xpertstocktrader.com

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