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I have been trading the consolidation range since Monday by shorting the
NDX very close to the top of the range with a stop well above the range.
Reasoning? The index needed time to consolidate after such a big run-up and any
early attempt to break out north would fail. Odds favored a break south
over a break north. I did 3 of these and covered each time the move
down would lose momentum. Beginning today, I will be switching to buying
the lows as we are approaching the time in place where a break to the north
could be successful and I think it will be a big move (maybe 5%) ... could even
be a final move. Timing? Friday or Monday but could come today.
Earl
----- Original Message -----
Sent: Wednesday, November 10, 2004 5:27
PM
Subject: [RT] S&P 500 Cash
Channel
Just took a look at the S&P 500 Cash over the last
5 days.
There is a beautiful 1163sh to 1170sh channel. Today had a cash
and price
dip with increased volume and the futures are holding
strong.
It is all dressed up and looking to "go out" [break out] one
way or the
other.
Thought
provoking?
Sincerely,
John
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