These numbers are very real and important. Yesterday the market by 2.45 p.m. had spiraled from highs of 10,948/10988 theoretical Dow tops, to lows of 10,745/10,705.
Those are numbers that stand out because we "almost crossed" 11,000, (the magic in 000's) and we retreated right to the 16th century mathematician Fibonacci bottoms and jumped back up.
Charles Nenner Research had just noted that moving below 10,700 would likely than move us lower, but we held at this number yesterday. And the bulls struggled again. Whipsaw all day.
Puts hit highs of 7.50 and Calls hit highs of 11.40. Traders who owned profited and traders who bought today could have also been profitable by simply following support and resistance lines and the pivot, one recalculation perhaps by noon, and traders could have traded both signals twice each for profits.
Today we'll list the same signals, but only as day trades. We do not want to hold inventory over the weekend, and want time to really analyze if we are having higher highs, and if the market is now reacting less to "news." It appears this way in the last 10 days of trading.
I can't make this stuff up if I tried:
Bush does this:
Bush Tax Cuts Reduced Total Income By $2.7 Trillion
Just as they did in 2000, the Republicans are running this year on an economic platform of tax cuts, especially making the tax cuts permanent...
Obama is blamed for spending money.
Of course, no one is behind "freezing his adminisration" or "false lies" being perpetrated, and not one GOP member seems to remember this.
Current Signals:
1 comment:
Interesting post. I've been out of the market for almost a year just reading some news. I know the OEX is the beast of indexes so I plan to practice it the most coming back in. I still think even with a breather in October stocks look like they will push through November up higher.
-fn
http://financeninja.wordpress.com
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