Breakout Potential
12:41 UTC 14 Dec 2009 
2 Comments
The stock market is setting up for a possible breakout of a month long consolidation. Below is a chart showing this. We changed our position to long today. (Sold SH at $52.70 and bought SPY at $111.80)
arrgg.. had a feeling we would get a liittle pullback… but the risk reward was in favor of the breakout. If we breakout above the month long consolidation it could be considerable. We held the up trend line today.
It all depends on Helicopter Ben’s remarks tomorrow. If he says something like ” There absolutely no change in our current stance” then the market will probably rally and break out. If he says something like ” Inflation is starting to get our attention” then the dollar will rally and the market will probably drop like a rock.
All this chop in the market is enough to make me seasick