Options and Stock Market Technical Analysis for August 14, 2009 by Idan Koren

Friday's trading day was a game changer, the last hour rally was not one of just a short squeeze before a weekend but one that showed that we are now trading in a triangle formation and we could potentially break to the upside. I, However, suggest people play the triangle formation before getting all that bullish. The reason i have more inclination to the bullish side is because a triangle formation after a rally is usually looked upon as consolidation and the next move is usually a breakout to the upside, once that happens the market can shoot to the 1030-1040, and that will probably be the end of Primary wave 2, before a new bear market begins.

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[thomasbraun321]

Your sharing is great Idan. Thank you. Today all equity markets dropped. SHS confirmed?

[u05ikoren]

Yup.. definitely.. i'm glad i held the 20% short into today.. i took most of it off... hoping for maybe a day or two of consolidation to pile short again.

[SixPack4200]

Idan, very good analysis. I do believe we will go higher as we near expiration day.