Mid Day Update: This would have come sooner, but when I woke up this morning (yeah, decided to sleep in a little), my satellite quote feed was down due to an overnight storm. So I missed the first 1 hr. of data this morning, and have feverishly been putting it all back together.
Market action thus far is just as I expected, with this wave 2 rally running through its paces rapidly, and spawning a 100+ rally on the day. Absolutely no surprises so far. I did decide to trade out of over half my S&P's in the overnight last night at 1112.25 in anticipation of reselling for a 10 pt+ trading profit. And for those of you who've waited as I suggested for the end of the Wave 2 rally to buy your next set of puts, I'm sure you will be very pleased by the results.
Currently, we are in wave 3 of C of 2. My count shows A's 5 wave progression (which did included movement in the overnight session) to have concluded at around 10am at just above 1117.50. B was very quick and concluded at 10:58am at 1116. From there, we've been in C, and ae currently in a 3rd wave extension. That pop up you saw from 12:40 to 12:55 was 3 of 3, the filet mignon of any move. We are as I type completing wave 5 of 3 of C of the Large Wave 2 up. After its completion, we'll have 4 down, then 5 of C up to conclude Wave 2 up. This will be the ultimate put buying spot. I'll post as soon as I can reasonably say it is finished.
Harpooners, man the decks!!
David |
