Update for 28th of October

Thursday, October 27, 2011

Update for 28th of October

Will Update a little bit late..probably 15-20 mins late.

EDIT: WILL UPDATE TOMORROW. NOT MUCH OF UPDATE TODAY. UPSIDE CONTINUES.

Thanks,
Lee

7 comments:

golfdude said...: This looks like a huge up day. 5320-5400 is here then. Wave 5 completion.; October 27, 2011 at 8:05 PM
vamsi said...: Thanks for the Post. Let us know if the November first week Low is still possible. Shorted on Wednesday. Think will have to cover around 5200/50 levels.; October 27, 2011 at 10:50 PM
jonak said...: what are the chances that ur 80 week low was ALREADY IN last October 4...since if u see http://danericselliottwaves.blogspot.com/ and many other bloggers arec counting this as 2nd wave ..3rd now coming soon ....so if they are on way to 3rd soon, our market will also go in that direction ...no question about that ....and the 3rd LEG might start this november 1st week ....and our markets are also gonna move...because its global liquidity and sentiment that moves our markets ..not our fundamentals......So I think 80 WEEK low was already DONE>...ur view; October 28, 2011 at 1:32 AM
Sachin said...: Congrats Lee on calling the low early... your portfolio would work wonders in coming time.

Kudos!!!; October 28, 2011 at 8:54 AM
Lee said...: Thanks Sachin. Portfolio is doing good. My only disappointment is not being able to buy in larger size closer and below 5000. Nevertheless have to work with what we have.

bvdr, that is possible. But I would say focus more on long side than short side going forward. Probably the bear is going to have to be in hibernation for few months atleast.

GD, why wave 5? I look at the charts(daily) just eyeballing it and I see a possibility of this even being a wave 3.1 from the 4740 area. What say? If so, this has a long way to go.

Jonak, market keeps throwing us curveballs right..We have to constantly be on our toes. You remember I was talking about internals etc etc and that the 4740 low might have been the low for the year. Now the cycles..Yes 80 week might still be coming in 1st or 2nd week of Nov but it will be a higher low. OR it could have come in on Oct 4th but if so, its a very very short duration for a 80 week cycle. Which is why it is seeming unlikely. But it will clear up over next few weeks/month. We have to wait. Till then let price dictate our actions. I mentioned in one post with another expert model that the Oct 4th low could have been the 80 week low..Unlikely but could.
Daneric..Not a big fan..Seems to be bearish most of the time. I run when I see permabears - nowadays its in fashion to be a bear.

I will offer more thoughts in a post tomorrow or Sunday.

Best,
Lee; October 28, 2011 at 12:52 PM
golfdude said...: @Lee,

Daneric called this bull run
perfectly. Right from 1075. But
he is long term bear ( as I
feel most should be based on
the world debt crisis ).; October 29, 2011 at 6:24 AM
Lee said...: GD, if thats true, then I take what I said back. I did not know that..I used to check him a while back but stopped.

Fundamentals..well nobody really knows how they work..and nobody can trade off of them..They will cloud our judgement also..I am trying to distance myself from this as much as possible.

Best,
Lee; October 29, 2011 at 9:06 AM