Tuesday, October 06, 2009

No arguments here

The short=term Buy signals generated mid-day Monday are continuing in force today. The charts above, all 5-minute charts, show significant strength in the SPX, DJIA, and SPY. Notwithstanding my longer term forecast, which remains bearish, the trend is what it is, no arguments here.



Anonymous said...

Allan, based on my wave count last night, it is wave C-5 up now. The run should last about 5 trading days, target 1080 or higher.

It is a wild market.


Anonymous said...

Wild, unpredictable, and suspiciously deceptive.

I rewrote some of my trading rules after this morning's lesson, narrowing when I'm allowed to use leverage, reducing initial position size by a whopping 75%, and changing the way I scale in. When you are riding rough seas, you have to take in some sail or flounder.

We'll all look back on this some day and laugh about how scary it was, but also remembering what incredible opportunities were to be had, and how much we learned (usually the hard way).


T said...

I reduced my entry size as well for a few things.its a risky market right now. its a time to be very patient and disciplined.