INDEX UPDATE
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Just finished the analysis and surprisingly there were on 2 CLASS 1 BUY indexes which were the SOX and FPP, thought there would have been more.
The majority of the indexes are CLASS 2 BUYS, with the SPX, DOW, OEX still in the MID-RANGE.
Subjectively, in this market environment CLASS 2 BUYS are not good enough and they could easily drop further.
I guess everyone has noticed the strong intraday oscillations which should again continue today. If today closes down, the lower the better, then tomorrow could be the BUY-IN day for a short-term pop to the upside which should not last but a for a few days, then next week continued downward movement.
Since I am trying to go after every ripple, will probably buy some calls to play the pop, but will keep it very short (daytrade).
As for today, the futures are up before the open and MARIA is calling for a RALLY as normal. As it was yesterday, I think the key as for today's direction should be the NEW HIGH/LOW and ADVANCE/DECLINE. When the DOW was up 70-80 points yesterday the NEW HIGH/LOW was very weak, etc.
Seeya
Seeya |
