Friday, 9 November 2012

10am update - seeking a baby bounce

Good morning. Market has opened weak again, but we're slightly off the lows (oh no, do I sound like Bartiromo?). VIX again!  Really?

*consumer sentiment comes in better than expected...helping the bounce begin.




I can't be shorting....yet.

I am all cash, waiting to short on the next bounce...somewhere in the 1385/90 range, this afternoon is my target time frame.

Weekly charts still target 1345/40, which I'm guessing will be hit next Mon/Tuesday.

Yes, I'm looking for a major capitulation day early next week, a dow -400/500 day. A wash-out move, which then starts a severe reversal back to 1400.

back at 12pm (or earlier, if anything happens)