Head and Shoulder pattern forming?

On the personal health front, I have not been tip-top condition being affected by the flu bug - not the H1N1 type ! I have been feeling lethargic lately too. I supposed it could be due to an inconsistent sleeping pattern. I have been busy though. I shall take positive steps to boost my physical, mental and spiritual well-being.

On the trading front, the market will start to release the last quarter's earnings results with Alcoa (AA) on Wed (ET). I expect the market to be volatile.

I have not been taking any swing position for the past few weeks. I have been playing intraday, playing the ES (S&P500 Index futures) and SPY options (On last Tuesday's handholding class, I played the SPY "live". I profited about US$215 on five contracts in 30mins - that is a return of more than 50% - my capital exposed was US$400).

The major indices are now looking to form a Head and Shoulder pattern. The Right Shoulder is now being formed. Whether the S&P500 hit 9,000 is not important for now. I am looking for a confirmation that the market will drop by the end of July. I am looking forward to play the Bear Call spread and/or long Sep Put on SPY. We shall see......

In the Singapore market, I have still 2 lots of SPC - waiting for PetroChina to buy over my shares at S$6.25. I bought 5 lots at S$2.40 (average price) sometime in Feb 2009 using my CPF funds. Sold 3 lots at S$6.07 (a profit of more than 150% over less than 3 months). The remaining 2 lots are now free money as I already got back my capital.

Cheers !

PersianCat (Millionaire-in-progress)