Monday, October 11, 2010

10/11 10:10

I am bullish on the dollar and hold 5% UUP, but sold long futures because Euro and dollar were close to or at critical M/As.  Euro declining below 138.77 is a signal.  Dollar rallying to 78.06 is a signal.
I hold 10% SDS but am flat futures.  SP futures have to decline below 1152.75, but support is right under there so if hit I'll wait for a rally back to near the 30-minute M/A.  I'll be looking for more immediate setups for trades in the interim.
Here is latest I1 chart:

Here is the Daily Technical Composite:
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3 comments:

  1. pimaCanyonOctober 11, 2010 at 7:44 AM

    We now have new highs on SPX, COMP, and NDX (for this current move up from the late August low).

    You mentioned that SPX cannot exceed the 78 percent retrace (around 1175) of the move down from the April high to the July low. Does it concern you that DJX and NDX have already surpassed their 78 percent retrace prices? If exceeding that level creates a high probability that the April high will also be exceeded, then wouldn't we expect DJX and NDX to exceed their April highs?

    ReplyDelete
  2. PeterOctober 11, 2010 at 7:59 AM

    10 11 2010

    The day the EURO turned?

    I hope so..

    ReplyDelete
  3. SteveKotelesOctober 11, 2010 at 8:04 AM

    pima
    1174 and 1175 are high-probability tops IF the market breaks out of it's current range. DJI would hit a brick wall at 11,150. I1 is down so I expect a downside breakout. This is just contigency planning.

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