INDEX UPDATE
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Today I had CLASS 1 buys on the BKX and OSX, and the buy-in price was the low for the day. As I have stated before, my system does not work on prices; therefore I had no suspicion that the market would sell off this much. For those who bought the BKX today near the lows, I feel it will do fine.
Well the whole market, with a few exceptions, is a CLASS 1 BUY with the BUY in day as MONDAY at the low of the day. I guess the question now is where will the low on Monday be.
If we recall BLACK MONDAY this past October, well it was a CLASS 1 BUY based on the closing price on Monday; therefore that TUE was the buy-in day at the low of the day, and we all remember the reversal that day, that is not to say that this reversal will be that strong. If I recall correctly the DOW opened down about 90 points and then the strong surge upwards.
Now the Asian markets. As indicated in my post earlier today, the N225(Japan), actually had a nice reversal which many will not realise. In fact it was up for the day, but the media only stated that it was down 24 points from the previous day. I feel that Japan will continue its reversal Sunday night our time. Korea was down today, but we also have to realise that it had a very nice reversal of close to 12% in just the last few sessions. In light of this run-up, Korea may still sell-off a little this weekend. HK is getting a little scarey now but they should turn soon, and possibly as soon as this weekend.
Technically, more than half of the markets there should be up this weekend. Specifically, Japan should be up, Korea down slightly and HK could reverse as soon as this weekend.
Well, I still have not been able to initiate my PUTS - but on Monday if the Market is down intraday I will buy more calls for a fast pop and then out, which I was hoping for today. I will not be holding longer unless I initiate a strangle.
Seeya |
