Tuesday, October 6, 2009

Update: ITZ PIX, S&P 500 & AA

Itz Pix Portfolio is infuego as the dollar trends lower, Gold hits a new high and inflation adjusted...has alot more to go! The $SPX last Thursday hit its trend line & 50-ma, matter of fact it came smack on my downside limit of 1020 (1019.95). However, I continue to hedge via ProShares SDS & QID, until I see the "Key Reversal" high made several days ago near 1070/1080 taken out. Alcoa (AA) reports tomorrow, a key market mover kicking off earnings season, this time will be more difficult as the bar is set higher and from last quarter, which earnings easily beat. I'm still concerned on the technical chart pattern on the $SPX the weekly rising wedge which comes in around 1125.
*click on chart to expand image

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