Tuesday, October 26, 2010

10/26 pre-open

Covered 1% DJ futures at 11,065.  If SP futures can get a 30-minute close below 1177.75 then I'll short again.  Currently 1176.50.

3 comments:

  1. Steve

    If you believe QE is affecting I1 then there should be a way for you to incorporate that into I1? The mood QE creates!!!!

    I will be holding my shorts through this I1 bottom. I believe we are now riding on the bottom of the upper 2007 trend line and no longer will be affected by the 1987 upper trend line; this is a major change if it holds and we should be in the very beginning of wave 3. Target DJIA 9200.

    Jack C

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  2. Jack C - I like your analysis, DJIA of 9200 would be a welcome sight hopefully sooner rather than later. I am concerned the market may hold up into January - much like it did last year, before any significant decline so the next few months should be interesting. The market has been like watching paint dry the last several weeks. Thanks DJD

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  3. Thanks DJD

    As we roll off this 2007 down trend line we should start excelling down, I have the first real resistance at 10250 and this might be a good spot for Shorts to take some profits but I believe we will then move down to 9200. 9200 is a trend Line that goes all the way back to 1932 and was the first major support on the way up from the 1929 crash. The March 2009 low stopped right on this trend line.

    Jack C

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