Happy Bear…(Friday’s Delayed Post)

By Red, on November 20th, 2009

Sorry for the delay last night folks. I was just too tired to post, as I had a really long day. Anyway, I’m now up and feeling good. I see the futures are already down this morning, as I expected. If the past continues then the low of the day today should be in the morning between about 10:30am est and 11:30am.

After that, the volume will die off and the market should float higher the rest of the day. So, if you are short, I’d plan on getting out today around that time frame. If today closes below the low of yesterday, then the new down trend will be confirmed, and the current high should be in until at least a 5% correction in the market takes place.

Whatever the low of today is should complete the first wave down. You can then expect a wave 2 back up to start on Monday of next week. I’m not sure how high it will go, but it shouldn’t take out the current high. It might only last about 2-3 days, then a wave 3 down will occur.

I’ll have too review the news over the weekend to get a better gauge of what is likely to start the wave 3 down. But, Monday’s have usually been up, as they have light volume most of the time. That could be the only up day next week? I’ll know over the weekend.

So, for now, I’m closing out my shorts today and will look for another short entry next week.

Red

Weekend Update...