sp'60min
sp'daily5b
Summary
*see last nights closing post, for broader summary on where I think we going.
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If the count on the hourly chart is correct, then today - and possibly part of Monday, will be a minor wave'3, which should certainly be more intense than the move from 1573-1549.
Targets are...
Primary 1542/38
Secondary 1530/25
The secondary target is possible TODAY, it'd be the kind of drop that would give the bulls a bit of a scare...and might be enough to kick the VIX back into the high teens.
We shall see.
*I am heavy short from sp'1557, seeking a first exit in the low 1540s, but I intend to hold until the very late afternoon.
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UPDATE 8.40am. Amusing seeing the lunatics on clown channel so shocked and almost 'disturbed' by the jobs data.
There is a brief break in the delusion today.
It looks like we'll open in the very low sp'1540s..and I have to think we'll take out the 1538 low within the first hour or so - before intra-day bounce.
A close in the secondary target zone IS viable.
UPDATE 9.05am... the deluded cheer leaders are indeed a little spooked today.
There is NO reason the bears will not see a good down close today of 1.5-2.5%
Also..there is no POMO money to prop' up this nonsense today.
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