If instead SPX declines below 1174 then this count will be wrong. Otherwise I will look forward to shorting this market at 10,998. (Round number!)
Thursday, April 1, 2010
4/1 11:40
The rally this morning will complete a 3-wave from last Friday with one more high. Sold DXD at 26.10.
4/1 11:00
Went 2.5% short earlier. Here is the I1 showing peak day today or Monday:
Whenever the mark advances to test important highs it presents a potential opportunity. XMI and SPX tapped old high as well. While it is too early to short via I1 placing a trade at the old high with a stop 16 points beyond is a low-risk enry. So, stop is DJI 10,973. Major resistance is above at 11076, the 173-week M/A:
4/1 10:05
The DJI is at old highs. Makes sense to take a tiny short position here and short the rest on Monday. Buying 2.5% DXD 25.95.
4/1 9:45
Sold SSO at 42.55 bringing model flat.
I1 should bring higher prices into Monday morning. I will remain out until then as I will probably need to finish family business today.
Tomorrow is jobs report. There is a strong tendency for the stock market to open higher the Monday after Good Friday, so this would be a good opportunity to short.
I1 should bring higher prices into Monday morning. I will remain out until then as I will probably need to finish family business today.
Tomorrow is jobs report. There is a strong tendency for the stock market to open higher the Monday after Good Friday, so this would be a good opportunity to short.
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