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A great market!

Thursday, 22 September 2011 08:32

This is a market to be making a lot of money because we are seeing long trending action that is using technical analysis perfectly. The market bottomed and went up 140 handles on the ES Z1 (S&P December Contract). The market hit 50 day SMA resistance and has since come back down 80 handles, this all within a 6 week period. Insane yes, awesome, yes, yes!

My pre-market work helps me to formulate my plans and what I am seeing for each day and today I see a lot of important daily chart levels lining up with intraday support levels. DE at $70.84, IBM at 170.24, SNDK at $41.81, NVDA at $13.73, POT at $48.77, AGU at $76.53 and CF at $145.19.

The negative for me is that right now the S&P futures are on an S4 sell signal, so this may negate these trades today, by the way I am watching 1105 on that index for support. Today is a great day to wash out the bottom and then Friday reversal day. I am not overly bullish, but I trade what I see and today I think we test key levels, the market and stocks hold, then there is a retracement, if everything breaks, then it will get real ugly.

Be patient but then really jump when you see an opportunity.