Here is today's wave chart for the e-minis. Earlier I reshorted one unit at the first blue arrow and I just covered this unit at the second blue arrow. Why? The market had been drifting lower for nearly an hour, made a new low for the day, and then showed a relatively high volume up bar which made the break to the new daily low look like a potential false break out. I decided that I preferred half a loaf to a 50-50 chance between none at all and a whole loaf, so I covered.I still plan to be a buyer in the 675-78 range if we get there in the next 45 minutes or so. I also think tomorrow will be a generally bullish day.
5 comments:
Hi Carl,
I just went long at 683.00.
Thanks.
Kindest regards,
PM
I must say that I come here because you are an optimist in the face of the most horrible circumstances. This is the most bleak economic environment that I have ever encountered and seems worse than the 1930's.
It is really disturbing that we don't see relief from FAS 157 and the resumption of some sort of uptick rule. Makes me think that our government wants these circumstances.
Good luck.
Yes, they do ... so we can start a new war.
Carl's daily ranges have been spot on. Whether you're by nature a bull or a bear you can use his analysis to your advantage.
A Minyan postulated today that if the market were strong, there would be no one to buy Ben's Treasurys.
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