TODAY'S ACTION

A reversal, then another reversal, and one final reversal in the last half-hour. If you can't handle this rollercoaster and adapt to the changing environment, then you shouldn't be trading. Also, to someone whom I will keep anonymous, you should not be trading if you fall asleep during the day with open positions.

It was a deep correction which was expected. However, the last half-hour was not expected. As for my order's today: A "Hold" order was issued at 10:33AM (for yesterday's positions), a "Buy" order was issued at 1:26PM. and a "Sell" order was issued at 3:27PM when the right shoulder of the H&S was in formation prior to the plunge. Therefore, I am 100% cash into the close, having added just under +4% for today.

Looking at the 10-day charts on the SPX/COMP, I noted yesterday and the day before that the diagonal line was important. I paid attention to it all day long to confirm a "Buy". This line was also critical to shaping the rounded bottom. At this point, we are again close to support levels. The RUT is doing the absolute worst, having broken entirely through today's intraday support. If we break on Monday on all indices, then the chances of a new low are very much in. I hope so, so I can issue a multi-day "Short" order and stop this daytrading nonsense. Just like the Cialis commercial, "When the moment is right, you can be ready". So, be ready.

SPX 1-day

SPX 10-day

SPX 6-month

NASDAQ 1-day

NASDAQ 10-day

NASDAQ 6-month

Don't forget to try the Free Trend Analysis. It's FREE, so give it a shot!