So we got a higher open and then pulled back a lot..Today looks like 5100 test might be on the cards. I think its very important for the market to hold 5050-5080 area - worst case should hold 5000 area. Its been very confusing for few days now..I havent been trading much. Using puts to hedge, cashing it when its making some money - this is what I have been doing. Overall like I said yesterday, it does look bearish and expect it to remain this way until last week of Nov when the 10 week low will come in. The problem though is that I see this as the first 10 week cycle after our Oct 4th 80 week low - so we can expect lows to come in early.
After we get the 10 week low, I still expect a good year end rally from there. Problem is how much we will decline until then. We will wait and see. Ideally we should hold 5050-5080 worst case 5000. Lets see what happens. I might not update for few days atleast until I see some more clarity emerge OR I have something substantial to contribute.
Best,
Lee
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No positions and not following market for over 10 days. Logged in today to get an update. Feel like buying some stocks positional as I will be away from market for another month or two. Thanks for the update.
Do keep posting updates. Thanks and regards.
bvdr,will do a detailed post this weekend..Sorry..please read my comments in above post to Aly..Not trading in this time is a good strategy..remember our main aim should be protection of capital and management of risk - profits will follow.
Best,
Lee
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