Shorted crude again at 90.975, stop 91.30.
The stock market hit the 5-minute, 370-unit M/A and bounced the rest of the day. SP futures came right to the edge of their 30-minute M/A envelope (.5% below the 30-minute, 90-unit M/A on a 30-minute close) before rallying.
The process of shorting the stock market for me revolves around three elements:
1) I1 which is currently rising to a minor high 12/31 at a very low 1.22
2) The 30-minute M/A, which I will only act upon with a declining I1
3) The 5-minute, 370-unit M/A -1.35%. If this is broken then I will look for a shorting opportunity
Currently I am content to stand aside.
Precious metals have been marking time. I covered my silver short at 29.35 on an after-hours rally.
I'm still short gold.
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