Right now, I think that after a possible down open in the morning (employment data), we may resume the ascent but not as strong as today, we may have a strong closing due to short covering after an intraday relapse (good for playing the Q again). There is an outside chance of reaching the true double top. I am not going to go for the last 40 Naz points, apart of a possible intraday lunch tactic. If the data are really "bad" (and the market will decide that whatever the numbers are), then we might have seen the "failing" double top. The turnips have no strong position one way or another here, as far as they are concerned, the most likely top has now changed to 1763 (about 30 Naz points under the true double top) give or take five Naz points, thus here at 1746, we are really too close to make "long" commitments. And please, no complaints on the change from 1793 to 1763, Larry changes the boundaries of his channel on a daily basis as well (g). As per Larry's Monday's channel, the decline on Tuesday should have signaled a turn, now HAL has brought in more ammunition to broaden the channel, so HAL's model is still bullish (avoided a whipsaw by a hair <g>).
Good luck out there.
Zeev |
