Thursday, October 7, 2010

Looks like jobs will do it...

Well, in the end the market does what it is going to do...Today it made a brief high at the open giving us a potential 5 wave setup and erasing my failed 5th wave theory yesterday. Tomorrow morning is the jobs report, and it appears as though the market players are waiting for the market to give them a clue before they make their move. So we'll wait and see what goes on. I like the follow through potential of a gap down move. I'd wait to see if a gap up move has legs. I would definitely not short the open until I see the sellers overwhelming the bulls.

Best of luck!
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