Hate when I am right and dont get the most out from it. Here is the 896 I was looking for at lunch time. Quick 60 points sell off here into the close.
Knew they would hit that 896 rrrrrrrrrrrrrrg
Thursday, July 30, 2009
Market Update
Well I think the last time I mentioned a possible top in the market should happen in July was May, the 23rd to be exact. This formation is working just as analyzed three months before and with one day left in July we are indeed at the highs for 2009.
Now here it gets tricky as I am still sticking to my number of 1045/1054 area as the more important number to look for as the top but we are 50 points away from that, so what do we do?
We can either trust the time analysis of July making a high +/- a week or wait for that 1045/1054 area. Timing is harder to do so I would put more reliability on the 1045/1054 area as the play but don't forget the time can be off a week so we still have a week in August for both time and price to get in sync.
Now here it gets tricky as I am still sticking to my number of 1045/1054 area as the more important number to look for as the top but we are 50 points away from that, so what do we do?
We can either trust the time analysis of July making a high +/- a week or wait for that 1045/1054 area. Timing is harder to do so I would put more reliability on the 1045/1054 area as the play but don't forget the time can be off a week so we still have a week in August for both time and price to get in sync.
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Resolving
Ok we are resolving ourselves to the upside this morning out of the consolidation as was noted last night. Oil also got some bounce perfectly at the levels we were looking at and that's why we took profits at the 62.75 level. Lets watch the volume early on to gauge where were are going.
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