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.


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.