Thursday, September 30, 2010

Possible High

It is very possible that we just made a short to mid term top in this range here. I was expecting us to get a few points higher but I believe we topped on the short term. I currently hold no position but am looking to go short again for the next 5 days at the minimum.

We have 2 scenarios that can unfold here, a standard pull back towards the bullish daily moving averages which is step 1, and a potential for a much more bearish formation that at this point I will give little credibility.

The afternoon and tomorrow morning will be a deciding factor for the next 1-2 weeks. I will post a more detailed update tonight or tomorrow morning with a few more technical justifications.


  1. just took a short around 1045SPX with stop above high of day. Not a very large position but one I will add to on gap lower or stop out on new high

  2. I just want to add a gap lower for increasing the day high.
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