Monday, November 1, 2010

Market Update November 1st

So the market gapped up to the area I was projecting but then it reversed deeper than I had expected. In the process, the market formed a potential Ascending Triangle that targets the 1220 level on the S&P. The Elliott Wave count is technically still valid but we would have to see a huge rally tomorrow to confirm.

I entered the market short in the morning at the gap but a bit too early so ended being stopped out at break even. I also too another long position that got stopped out at break even and during the last minutes I got stopped out of a third position at a -0.3 loss. So I am hoping to have a better day tomorrow. My goal is to have a 2 to 1 positive to negative day trades so we'll see how this week goes. I will be again shorting at gaps and going long at support levels. In the meantime, I am staying 100% cash.

No comments:

Post a Comment