7/14 2:00

The stock market declined late yesterday and through the night.  This was the A wave of a 3-wave decline.  The rally fell short of the highs.  We are now in the 5-wave down of the C wave that will provide my buy point.  It appears the 1st wave down is completing now at around 10,350.  I am carrying a tiny short futures position from SP 1094.50.