As you can see from our chart we had the breakdown of the head and shoulders pattern, at that point our price target calculation came out at $58 and some change, right at trendline support and 200 sma support. Well our low came in Friday at $58.71!
For anyone that got in at that level, congrats to you. We said that was a great opportunity to go long for a short term to intermediate term trade, put your stop slightly above the $59 mark and let it ride! This energy sector may be the catalyst with the financials overinflated earnings to form our second right shoulder.
I am still very bearish, look at the vix charts I posted awhile ago. I will repost the updated charts sometime this week. it is hitting support on many timeframes and I believe a spike in the Vix should be coming in the very near future. Till then trade very carefully, I still have my NQ short but am only trying to break even and wait for a setup at higher prices to short and make up for yesterday and then some!