Saturday, August 28, 2010

8/28 Weekly Commentary

On the road so must make it brief.  We have expanded flat in DJI, SPX, and XMI.  3-3-5.  In the composite we have a zigzag 5-3-5, but it takes about the same form as the others.  I count it complete.  The DJI 5-minute, 380-unit M/A was crossed at 10,100 so it's envelope extends to 10,240.  In order to maintain the Sub-Minuette 5 down scenario the DJI must stay below 10,180, the bottom of the 1st wave down last Friday.  I was stopped out of 2% NQ futures at 1095.25 but am holding the short ETFs.
My new stop is DJI 10,181 for a quarter and 10,241 for a half of ETF positions.

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