Hey everybody ! Just came back from wild "Turkey" where I spent two wild weeks ...so wild that I even managed to bust two ligaments of my knee trying to do this (click here) at a night club while i had too much to drink :( ! I'll have a knee surgery in September !! Way to go Sergio !
As for the markets, the bounce that has occured while I was away does not alter the long term picture at all ! The long term resistance lines that I've posted back in early April are still not violated (Click Here) ! The cyclical Bull market of 2009 is still alive and will very likely be over soon. How soon ? Well It depends on how fast we get to these long term resistance lines !
Here is a chart of QQQQ (Nasdaq 100) for instance. The long term resistance line is close at hand. Close enough for me to start looking for heavy exposure to QID (Double short QQQQ).
Stay tuned.. I'll be posting more charts tomorrow morning before the markets open ! Cheers
