To tell you how amazing The Wizard is, take a look at the following:
The Wizard had a target for the S&P of 1357.00
The high of the S&P was 1371.10
When we entered the long term trade at 1133 our targets were 1278 and 1357. We hit both targets. We started that trade on September 17, 2010. This is surely a glowing testament to the advantage of trading with the trend, using the Wizard.
We now have a red arrow on the Short and Long Term calendars. However, we did not get stopped out on our long entry. The question is, will we get the Pre-Sell for the long term entry next week? We penetrated the stop and many of you, that prefer hard stops, may have exited your long term positions. The Wizard did not. The rule that we use with The Wizard is that we wait for the close to be beyond the stop price. That did not happen this week. If you are familiar with my Price Action Seminars you may also realize that we could test the top again. If we get good volume and close below 1300 on the S&P we are looking for the next target of 1268 and then 1132.
S&P
(Click on image to enlarge)
If you take a look at the sector chart below you will will find many of the sectors have already turned red and are giving sell signals.
Even though the S&P index has not changed to a Pre-Sell signal, there are plenty of sectors giving Pre-Sells for stocks and ETFs.
Sectors
(Click on image to enlarge)
If you have not tried the Wizard this is a great time to catch the next trend.
Have a Great week and God Bless.
Gene Stunkel
President
TheWizard.com LLC
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