Long entry at 1137,,,

Good morning Flatbookers! We were long Friday at 1137 and 1133 on the S&P 500 on the back of the ever ascending, short-term support cited in our post on January 11th post. We intended to hold this position for the interim period. We moved stop losses to break even whilst the position was substantially in the black and were duely stopped out early this trading day for scratch.

Post slightly worse than expected results from Citigroup - -33¢/share vs -30¢/share forecasted, we will reject re-entry of this long position for now, despite the market offering us a better point of entry. Moreover, the formation of a bearish ascending wedge(see below) presents more of a case for a short position than a long. As such, we will do the only intelligent thing we can do when presented with contradictory evidence; that is remain on the sidelines.



Safe trading, traders!

"I’ve got friends, of course, but my business has always been the same – a one-man affair. That is why I have always played a lone hand."

Edwin Lefevre