Potential Fly in Bull Ointment: Early Stage Head and Shoulders Formation

By Trader Mark
06 November 2009 @ 11:25 am EDT

Many things we are seeing now on the charts are similar to what was happening mid summer.  Many of us (hand raised) were excited about a potential "head and shoulders" formation that was in process of being created.  (what the heck is a head and shoulders? see here) Literally we were a handful of S&P points away from this formation completing but on a fateful Monday Meredith Whitney upgraded Goldman Sachs (GS), the next day Intel (INTC) reported and bears were steam rolled as we went on a 3 month rally.

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