Friday thoughts

343
will wait on zsl, up to 358pm on zsl, unless stopped out first

340
stops have not been hit on zsl and smn. i will keep the smn since it looks like it has more room up (lower mkt), and will take profits on most of zsl silver, since zsl upside is more limited

334
move down may not be done yet, only did a partial retrace today
,imo,,,not enough 60min smaller candles on SPY basing
,the first set of basing often breaks lower,
,the second set of smaller candles then bounces bettr

333
 poss wave 3 lower started today on SPY daily chart, with lower lows ahead
,tho i dont trade by ewaves,,,concept is similar: lower low

201
ERY tite stop 1087 on half, at 3.5% gain atm

200
1094 ZSL stop to protect profits on half of remaining shares, lower stop on second half of remaining

154
SLV has tested the 3040 support and held thus far, but if 3040 breaks then 30.25 next support, and even 30.25 looks breakable for swings lower, holding most of the zsl for now, tho taking some off here at 7.5% ish quick gain from entry yesterday

945
3050ish SLV trgt, or 11.10ish,,,i use SLV and SI futures for analysis not zsl, i just use zsl as the trading instrument,, interim targets in between,,,will watch for silver to continue lower, then poss bounce, then may take profit on second move lower after bounce,,,also watching for smaller candles to form on 15min and 60min

943
SPY got the gap down this morning (mentioned yesterday near 4pm possibility)

938
I'm not trading much today and monday. just checking in every once in awhile. Main swing positions entered yesterday in ERY  SMN  ZSL,,, took most profits on the longs yesterday.  atm SMN up 1%, ERY up 2%, ZSL up 2%

have a great day and weekend

* ChristopherStockGuy is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. For details, see the post from SATURDAY, AUGUST 15, 2009 titled "Disclaimer".