Time to Bounce…

7
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Top-bull

I'm expecting a bounce now for a few days... maybe into Monday?  We hit the target of 1040-1050 area as I expected.  Since there is a lot of support here, and the auction tomorrow and Friday, I expect the dollar to fall for a few days.  The market should rally up to 1070-1080 range, but it might not make it that high?

The jobs numbers Friday could be bad enough to stop it from a big bounce, but a small bounce is coming soon.  Tomorrow could be a flat to up day, as the market finds some support here around 1040.  Any bounce is just another opportunity to short.

I'm expecting 1020 or maybe even 998-1000 by option expiration.  I'll be looking to go short again next week... probably Monday or Tuesday, as I expect that to be the end of any bounce that we might get.  It could continue down tomorrow, but we're pretty oversold here, so I'm really expecting this to hold for now.

Red

7 COMMENTS

    • Thanks MS…

      I was beginning to wonder if I was all alone, as no one was posting any comments. So, there really is someone out there? Little Grey men, or green martians… I don't care. Just as long as someone is reading, I'll be happy.

      Red

      • Count me in and please keep up the great posts.

        This prediction business is pretty dicey, but when I first came across your site (2 weeks ago?), I immediately thought you are on to something…

        I'm curious about your basic market variables in coming up with short-term direction.

        thanks,
        -MS

        • Thanks rrman…

          I figured that you and Jay were still reading. I've been really busy lately and haven't had a chance to post on Jay's site, or Cobra's.

          I usually post on Evil Speculator and Slope of Hope too… but this is a busy time of year for my work, and I don't have a lot of time to chat.

          Now, if I can only learn to follow my own forecasts, and stop panicking! I looked back at some of the predictions and I'm amazed at how accurate they were. Of course, being human and all, I didn't have the patience to follow them to the letter.

          So, I let money on the table, and went the other direction too soon. But, I'm still in the game. LOL!

          Red

  1. Thanks rrman…

    I figured that you and Jay were still reading. I've been really busy lately and haven't had a chance to post on Jay's site, or Cobra's.

    I usually post on Evil Speculator and Slope of Hope too… but this is a busy time of year for my work, and I don't have a lot of time to chat.

    Now, if I can only learn to follow my own forecasts, and stop panicking! I looked back at some of the predictions and I'm amazed at how accurate they were. Of course, being human and all, I didn't have the patience to follow them to the letter.

    So, I let money on the table, and went the other direction too soon. But, I'm still in the game. LOL!

    Red

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