Today was real yawner! The market basically moved nowhere... and just what's in store for tomorrow? More of the same, with an upside bias. Yes folks, one more day of this nonsense and the market should be back to normal trading. Which means that a reality check is due. So, let's see... is the market really that health or is it sick?
I think it's sick with false hope, fake numbers, outright lies, and manipulation like you've never seen before. That means we should rally some more, right? Yeah right... and I've got an honest banker I'd like you to meet! Of course not folks... I'm looking for selling to take place on Thursday and Friday, as the news out on those days should bring in some bigger volume. If it's more then 200 million shares on the spy, we should be heading down.
Like I said in yesterday's post... 110.34 is like the "Great Wall of China", and will not be broken easily. Closing above it is not likely too happen. I'd like to see the market move up to that level tomorrow, so I can get the best short entry position. It could do just that since it's a holiday tomorrow. That light volume could float the market up to within inches of the wall, and possible go above it briefly to that 1108 spx area everyone is looking for. I will be pouncing on the bulls when that happens.
Others think we are going higher, until OPX and then rolling over. I think we are going down toward OPX, and then going higher. I'm going to try and filter out the noise this time. I've looked back at many of my own forecasts and found that I was pretty accurate on the direction, even though I missed a few ending points. Overall, if I had followed myself I would have been a whole lot more profitably then I currently am.
There again... learn to stick to a plan. That's my lesson for myself today.