EWT For The Week Of June 29th, 2009

As mentioned in my previous post, the $10.15 gap proved as a good area of resistance as after the gap-up on the 24th, EWT bumped into that area (high of $10.19) and couldn't proceed any further.

Chart below:



Once again, the tell for EWT will be the TAIEX open which is a day before the US markets open. I did manage to enter into more of the Sept 09 Puts, $10 strike, at $0.70. Ideally, I am looking for $8.30-$8.80 to take profits on these puts. Prices for short entries remain the same (see previous post linked above).

Also, I should mention I will be gone for about about 10 days give or take, traveling around Taiwan. Will have limited internet access, so no updates likely for a week or two. Will chime in with small edits if I see something in EWT charts. Let's just hope we can get some more bear market action so that I don't even have to pay attention to the market for this mini-vacation of mine!