Hi all . . . thanks for putting up with the outage here over the extended weekend.
I finally have had power for hours now, so it should stay up for the night now.
We have another snow storm coming in now, but it is smaller.
Here’s what I see for Trading the rest of this week:
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The Ultimate Technical Analysis Handbook
BMO Commentary
Go through the Morning Checklist to see how the Markets are currently doing and what Economic Events may affect the Markets today.
0730.ET
World Markets are Down Big and US Markets/Futures are near Flat . . . Nasdaq slightly Up while the other big indices are slightly Down.
QQQQ/SPY are currently Trading at 42.74 / 106.22
The US-Dollar is Up over 80 now
I’m looking for a small Drop and then a Bounce Up today . . . totally dependent on the Employment Report BMO this morning.
There are several Economic Events out all day.. with THE Big one at 0830.ET
0845.ET
The Employment Report came out within the expected wide range . . but the Unemployment Rate came out below expectations (manipulated of course) . . .
SO … I think we will get our Bounce today that I’ve been predicting .. but I will probably let it run Up and then start Opening Down positions … the jobs created was negative and the overall economy is still not looking too good.
QQQQ will probably go Down to the level I posted for subscribers last night at some point . . either before the Bounce, or after a run higher Open . . . either way, I will be Shorting rallies.
AMC Commentary
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BMO Commentary
Go through the Morning Checklist to see how the Markets are currently doing and what Economic Events may affect the Markets today.
0715.ET
World Markets are Mixed near unchanged while US Markets/Futures are Up nicely now.
QQQQ/SPY are currently Trading at 44.44 / 110.38
The US-Dollar is Down some … still above 78
Like I posted about last night, I’m looking for an Up-Bounce . . . but watch for a failed rally to Open Shorts . . . QQQQ=44.5x-44.6x and SPX=1115.xx are good areas to look for our Trading System Reversal Down Signal . . . BUT, if she looks Strong, just let her ride Up.
There are Big Economic Events out today .. starting at 1000.ET.
AMC Commentary
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As deflation deepens, will the US dollar crash?
BMO Commentary
Go through the Morning Checklist to see how the Markets are currently doing and what Economic Events may affect the Markets today.
0630.ET
Far East Markets are Up big .. European Markets are slightly mixed .. US Markets/Futures are Up slightly.
QQQQ/SPY are currently Trading at 42.22 / 106.10
QQQQ Resistance is at 42.50, then 42.6x, then 43.20
QQQQ Support is at 41.90, then 41.40 – 41.60, then 40.80 – 41.00
There are Big Economic Events out this morning starting at 0745.ET, with Really Big Reports out at 0900.ET and 1000.ET . . so be careful!
Today should be a Wild one with all of the Big News out this morning . . . remember to use Volume spikes to your advantage as Alerts to a Reversal . . and then use the CCI extremes as times to Enter and Exit positions. Let the Market come to you .. don’t chase it or jump the gun . . . this is how you reduce the Risk in Trading.
I am in the medium-term Bearish camp and will look to Short QQQQ Rallies as opposed to Buying Dips . . . I see a major Drop coming soon … sometime within the month of October.
AMC Commentary
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Robert Prechter’s Five Tips for How To Trade Successfully
By Elliott Wave International
Take it from the person who won the United States Trading Championship with profits of more than 440% in 1984 – there are five things that every successful trader needs to know how to do. Read More.