Thursday, January 6, 2011

One more high?

I've been quiet lately as the market has chopped back and forth. I continue to work on my automated program and have it going with real money now. I'll post my first month's results at the end of the month. I'm starting small with 1 contract to see how it fares, but I think it will be a keeper.

Wow, the bulls are really pushing and extending...Today's initial selloff looked like it might have some strength behind it, but there appeared to be an unlimited supply of buyers at today's low. Tomorrow is the unemployment report, and the reaction will be pre-market open.

Here's my forecast:

- if we're going down, then we will open below today's low. This should be sold.
- if we're going to go to one more high, then a move should be good to the 1278 / 1280 area. I'll be looking to short any weakness at this level.

Best of luck!
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