Frankly, We're Hesitant

This was our typo in the Dow Projections, quite obvious: "8376-Repeated area of "market whipsaw" in the past. It should make you laugh.

Many subscribers wrote to rib me as the market moved right to 9376, the market whipsaw in the past, all before the 3.00 p.m. hour -OXBIO OEX.X SEP 2009 475.0000 CALL was available for day traders as low as 4.10, with sales to 6.25, and easy 1.25 per contract profits were possible.

Put traders increased their hedge position. The market resurgence has been profitable for us, but frankly, we're hesitant without more consolidation.

For traders truly studying how I trade Support and Resistance:

-10 a.m. did a recalculation of the Dow. The market hit both the new r1 9201.19, and s1 9124.22 and allowed call buys to be made.

-We recalculated and sent by twitter in the early afternoon where the new r1 was 9354.63, very close to our OEX calculated 9376. s1 at this point became 9184.06.

In a market that has such moves in a day...it's important to remember that less than 15 months ago we traders called moves on the Dow of over 100 points a "big bump day."

Because we have moves that counter a day the counts remain low. Counts are our "bell curve analysis" of overbought and oversold conditions. 10 is extremely overbought/oversold.

Bullish indicators remain at all time highs, just now slowing. This is abnormal as it reaches the Fib retracement numbers. We have hit a Fib top now.

Watching at 3 p.m. as the market attempted to go down was gradual.