November 7, 2011
Mish's Daily
By Mish Schneider
GOOG gives it to us again with instructions to subscribers on a favorite strategy-the opening range reversal. Here’s from last’s night’s evening watch “Honorable Mention: OR Reversal GOOG* (Narrow Range 10)”. Tweeted entry in private twitter at 594 with tight stop under 592. By day’s end had $14.00 or 7 times the risk/reward.
“ Had a great day in GOOG. Bought November calls at 595 at 6.70. At market close price is 16.00. Thanks Mish. Great work.” John K.
SPY: 127.50 the 200 DMA next big area although through Thursday's high could see it clear easily. A reversal if breaks and closes under 123.50.
IWM: Through 75.20 should see 77.75 the 200 DMA handily.
QQQ: Took the lead with an accumulation day in volume. Back to July unless 56.40 breaks on a closing basis.
ETFs:
GLD Beautiful follow through from inside and narrow range day. 172.20 now pivotal 177.40 next target.
FXI* (China) If clears 38.60 back to watching 40.00 next.
EWZ (Brazil) Could not close over 32.60 tried to take a stab on an intraday basis.
XLF (Financials) Watch 13.10 to hold and a move back above 13.45 encouraging.
XRT (Retail) Took a breath. Over 53.50 should get it going again.
OIH (Oil Service Holders) Held Friday low at 126.55. Let's see what happens over 130.00.
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