Saturday, July 20, 2024

Wildcard day Wednesday…

Wednesday could go up if the un-employment numbers are positive or down if the they are negative? Duh! Everybody knows that! Personally, I think the government will do what the've been doing lately... "spin the numbers to confuse the market".

Meaning... some of the news released tomorrow will be negative, and some will be positive. The market will won't know what direction to pick... up or down? So, I think it will be another flat day. You might see some big swings, but I think they will close out the day (and the month, and quarter) flat. That 1060 area could be a nice place to close on.

I do however expect some down moves on Thursday and Friday. Volume should pick up throughout the week. Today was 133 million shares on the SPY. That's still lower then the normal 225-250 range, but improving.

I'm looking to get out of my long tomorrow, but I'm not sure if I'll go short yet. The bigger high is still around 5th-7th, so I might wait till then. However, if I do go short tomorrow, and the market drops on Thursday and Friday... then I'll get out at the first major support at 1040, as I expect that to hold.

If that's the low on Friday, then I'm going long into next week, as I still expect the high to occur next week. Remember, if they don't close this gap at 1100-1108 then it will be years before they get another chance.... So, it could even happen this week? Who knows?

Red
Author: Red

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Douala
Douala
14 years ago

2:45
Has your game plan changed any?

reddragonleo
reddragonleo
14 years ago
Reply to  Douala

I got out of my long around 1060 and went short today. Not sure about going long for next week, but I'm out of my short by Friday.

Red Dragon Leo
14 years ago

I got out of my long around 1060 and went short today. Not sure about going long for next week, but I'm out of my short by Friday.

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