Tuesday, October 20, 2009

Tomorrow should see significant selling

Well, the market was unable to capitalize on Apple's good fortunes and the market actually took out (although briefly) Monday's low. Wednesdays are the highest rated days for range expansion and tomorrow it should be to the downside. So far it appears that we have an impulsive move up. Any upside tomorrow should be capped in the morning at 1097, although with the current moves, I wouldn't expect it to get that high. As we approach critical levels this week, I'm anxious to see the market make a clear impulsive move to the downside on the hourly charts, but I'll continue to be patient if I must.


  1. I'll say it again. I'm glad you are back!
    Even when you're wrong you know exactly why you believe what you believe will happen. With explanations and descriptions like yours there is nothing to be misunderstood.

    Clear stops and reasons for your analysis make you one of the best! Besides that I usually agree with you;-)

    It's feels good to have you back.

  2. Thanks for the kind words. Once primary wave 3 starts though, it will be much more fun ;-)!

  3. Nice call man!

    I was wondering about it early on but now it's a moot point.

  4. Marc, the key was the new lows in the globex session. My shorts got stopped out at 1093 (December ES contract), and I went long into the new high. I didn't short the top, however, but did get in well enough to make today quite profitable on the day trades. Holding a very small position overnight, and we'll see what the chart looks like if and when we come across 1050. Plenty of sell stops to run though!