We are sat waiting to add the 2nd tranche of Facebook shares to our account today in the $19.40-50 range to complete the position in anticipatION of a consecutive day slightly lower double bottom.
Facebook 5 day intra-day chart
We think that global markets have had a useful shakeout yesterday that has washed out the ‘Johnny come lates’ and so the coast is (relatively!) clear to get long again, ideally on a post non farm dip. The S&P chart is a classic bull formation and targets 1400 probably early next week. Our favourite market – the Nikkei has lagged in recent weeks as below illustrates and so we are positioned to re-implement a long here (limit working at 8560) with a view to running this through the autumn and where we expect Japan to once again outperform to the upside.
S&P & relative to Japan (orange line)
Good luck to all followers!