Yesterday or today was the I1 bottom. The market took opportunity on the second re-test of SPX 1040 to rally. I am looking for a short to hold for the day. The DJ futures breaking 10,227 (currently) or reaching 10,348 will give me a shorting point.
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Good morning, Steve. I'm wondering about your strategy here. It looks like the very short term trend (and even short term trend) is now up. I'm wondering why you wouldn't be buying the dips here instead of selling the rallies. Especially now that I1 is making a low today and will be heading up over the next week.
ReplyDeleteI will only be selling today, then standing aside until I1 peaks.
ReplyDeletethanks, Steve. Will you be posting during the next week? Since you'll be standing aside, maybe time for a little vacation? :-)
ReplyDeleteI'll post three times a day. pre-open, mid-day, daily. I still have a gold/silver short to do next week.
ReplyDeletePimaCanyon
ReplyDeleteI1 might be up but I do not see an uptrend here at all, just the end of an ABC corrective wave and a small one at that. The down trend has compressed to almost a dead end for the market. Sideways at best for awhile. I know your knowledge of the markets greatly exceed mine but it sure looks like a tight trading range with a lot of down side potential and very little upside.
Jack C