Hehehe... I leave for a coupla hours and the market pulls up outa its 'inside day' yesterday. Which suggests the 'splosion goes upward from here. Lesseee, that charts out to.... 1360 tomorrow and if it continues, 1373 Friday, 1385 Monday, 1398 Tuesday, 1410 Wednesday and 1423 in 6 trading days.
Of course, I don't expect straight line progressions like that. But it conforms to my belief that we'd test the August high by 10/31.
That permits us a pullback 3 trading days before the election and 4 trading days before FOMC.
At this point, I'd expect Nov 1 to be a mild down day, Nov 4th a little worse, and late Nov 6 through Nov 7th to be sharply down.
That'd set us up to retest the August high a second time around 11/13-11/14... and 11/15 is options expiry.... hehehe.
Thinking like a criminal is more fun when the crims are bullish....
This conforms to my belief that the period between 11/13-12/2 will be full of extraordinary risk. I lean towards the bullish side even there, at this moment.
Breaking 1280 by half a point and a day late only shifts my ascent channels slightly: Message 18142105
But I reiterate its conclusion: I'll trade lightly at key resistance points, and even the most bullish outlook I have says 1567-1640 will be the area where the risks reach red alert status.
If we get there, I'll be 100% cash, waiting....
Because without hitting 1653, whatever our Nov high is should be multiplied by 1/3 to get a concept of what's coming by mid-2003, with the worst of it from December to mid-April.
But for right now, let's rock tomorrow and Friday morning!
I'm long long long! |
