Thursday, October 28, 2010

10/28 9:35

Bought the DX on the 90-minute M/A.  This buy signal will stand until a 90-minute close .45 below the M/A. 
Shorted gold at one of it's key M/As and the same time as the dollar index buy.  These are my only positions at this time.
Expecting the SPX ending diagonal to play out with a wary eye on critical support at 11,000.  

Clever comments on the Fed.   November 3rd is the third repetition of Groundhog Day.  The only policy response is to do that which did not work the last time, over and over again. 
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2 comments:

  1. 99erOctober 28, 2010 at 6:58 AM

    But wait...let's first ask the banksters how much they want.

    http://www.bloomberg.com/news/2010-10-28/fed-asks-dealers-to-estimate-size-impact-of-debt-purchases.html

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  2. SteveKotelesOctober 28, 2010 at 7:06 AM

    Asking Wall Street how much money should be created is asking the fox how many hens should be in the hen house. The dealers have the time perspective of a butterfly. Keep those commissions churning....Ben should be asking the other central banks what to do, but then he knows they would tell him zero and that's not what he wants to do. I'm sure the dealers will come out with a number reasonably ludicrous, like $500B.

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