Thursday, September 10, 2009

Technical Picture - Preliminary S&P Target Attained

My preliminary target for the S&P was attained today as depicted on the chart above. That's not to say were done, we may edge higher, but I would expect some profit taking very soon. A pullback to the trendline or the base (950) would be healthy before the next leg up.

AEM broke out of yesterday's late day consolidation on the open. I waited for the pullback and jumped in. Took a partial when it stalled at $68.00 and I'm holding the balance overnight. From the 15 min. timeframe, we see that AEM looks well positioned to retest Tuesday's highs. That's a round $ level with long-term resistance, but this is a momentum play with lots of volume, so it won't surprise me if AEM can push through.

2 comments:

Jim said...

Hey Jamie,

Nice swing in AEM.

Jamie said...

Thanks Jim

Sold it around $70.50. Feels like it's going to break resistance soon.