Tuesday, June 14, 2011

6/14 pre-open

Overnight marked the beginning of a multi-day rally.  The only index I'm able to count clearly is NDX and NQ futures with a 5 down complete.  Daily M/As would suggest a rally to 2320.
Clearing the account, waiting for the turn, and then keeping away from action until the rally has run it's course is the hard part of the job for me.  I now need to focus on a project aside from the markets to distract me and allow the markets to do their job.  I'll be limiting my posts to a couple per day until the bearish traders have surrendered.
The short-term timing component of I1 indicates a rally lasting more than 1 week.  However, I'll be going short at DJI critical M/A plus 120, currently 12,170.  I'll also track the market using DJ futures 10-minute M/A less .3% as an indication of trend change.

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