Thursday, October 28, 2010

Market Update - October 28th

The market gapped up as I was hoping and I shorted as planned. The market respected the 1180-81 level and I went long in the last hour to take advantage of the obvious. So it was a fruitful day for me and I am all cash again. Since the trend is up and the wave structure seems to point to yet another gap tomorrow, I will probably short again depending on how strong it is. On the chart, I see a potential for a W3 so if it's something over 1%, I'll short it but very carefully as W4 sometimes do not correct much in strong gaps.

I think 1200 might be challenged tomorrow.. we'll see.

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