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Robots Outlook for June 17, 2011
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Today's clusters are mildly bullish for IWM with a 14:11 support/resistance ratio.
The clusters are very bullish for GDX with a 10:4 ratio.
The most interesting fact is that QQQ tested and bounced from MS3 (53.90) yesterday. The S3 level on any timeframe has over 95% probability to be the low for the timeframe. So the low for June may be in for the Nasdaq.
About the political risk over the weekend, there is as much to be lost as to be gained by exiting prematurely.
A big gap up on Monday is as possible as a big gap down. The big gap down could not even hit our stop and reverse, while a big gap up would reward our patience at last!
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Support Level Probabilities
Billy; You mention the 95% probability associated with the S3 level. Do you have any probabilities associated with
other support levels.
Thank you in advance.
Best regards,
Robert
Support and resistance clusters
Billy; How do you decide what levels will be included in the different clusters?
Thank you for your time and patience,
Bill
Stops for discresionary entries
Billy; When we add to a position or get in late on a Strong Buy signal, like IWM has now, is there a formula or methodology you can provide us to manage the trailing stop after the first day or should we just move the stop to the "Management of an existing position" stop level?
Thanks for all your hard work. It REALLY is appreciated,
Bill