Tuesday, May 10, 2011

5/10 pre-open

DJ futures did not decline to 12,592 so I did not short.  I bought dollar futures at 75.80 but sold this morning at 75.84 so I'm flat all futures.

Stock futures are still fitting the profile of an Elliott triangle, but the lines are re-drawn to a wider set of internal waves.

Nasdaq is approaching it's trendline from the high. 
SP futures have 2 possible triangle interpretations now, the original bearish one and a newer bullish one.  The bearish one cannot tolerate a rally beyond Friday's high, 1351.75.  Let's say 1352.50. 
Stocks are rallying with commodities.  Oil is not participating because margins were raised today.  I don't have a wave count in silver.  38.1% fib is 39.24.

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