Yesterday
Well I am gloating a bit, yesterday worked out to perfection. I had hinted at the volume being low this week and alos mentioned that the close on Tuesday in the upper ranges with a break of my 837-838 target was something to be taken into consideration. It was clear before yesterday that this was setting up for a fake up move.
I had called the top of by 9 minutes (10:36) and anyone who went short there had a great run down - even if you went short within my 10:45-11:00 window you still had a pretty close to perfect entry.
I had mentioned the importance of time yesterday, not price. We got all our confirmations I mentioned, low volume as we jumped up in price and even lower volume as we created new highs giving the 20dma a test pretty much at my target time. Text book example of a suckers rally. Price, time and volume - those indicators by itself can be sometimes the most powerful ones.
Special Note
Well I will be traveling the next few days so you won't see me online or replying to comments. Good luck everyone and stay put.
I foresee a change of trend on Tuesday next week but will confirm this weekend with more precise details on time. From where we are now we could be setting up to give the 800 a final run down where I feel we will break to the downside and reach the 790 price target by Friday or Monday. We do not have a confirmation for this move yet so stay put but considering I am not available the next 2 days I wanted to give you a heads up on what I feel will occur - as I cannot watch today or Friday I am unable to give confirmations for those moves so look for confirmations and stay light on your trades.
Good luck.
be careful here on the upside. One of the strongest volume days this year. Could be setting up for a break that sticks here. I even dare to say regardless of Job numbers we can rally from here. If we do check the 871 as a potential short for retracement back down to 850.
ReplyDeleteGood luck.
We've been deprived of your advice and your guidance.
ReplyDeleteI made out okay these past few days, but am stumped about today. I was hoping the bailout bill would have made some progress since Monday, but am hearing nothing may happen until the end of the week. I think today, in the AM, we may get a bounce off yesterday’s losses, but it won’t be sustainable. I think when the economic numbers late Wed and on Thursday will be negative for the S&P. We may get a “stimulus anticipation” rally on Friday.
Your 2-cents?
-dingdong