Today is Tuesday, July 13th and no pull back as of yet after hitting my S&P 1080 target.
These target announcements is just a way for me to think out loud and share my thoughts. I don’t trade these multi day calls, although if I did, I would have cleaned up. I have called all of these large daily moves over the past year with excellent timing and results. Again, its just to give me an idea of what kind of day I can expect and where the index’s end the session’s, on there highs or lows.
I did see a minimum move coming from S&P 1036 to this 1080 area as called. We have hit that, but was looking for a pull back, it did not come. I can see in the night trading a gap higher just after today’s close. It is hard to say exactly what is next. Since we did not get the pull back and are pushing the outer limits of range, this market could go either way. There is a lot of news coming out the next few days and would expect the market to show good movement.
I can’t imagine the sentiment numbers coming out tomorrow will be lower, with this big rally. The opposite could be true. We could get pushed right back to the middle numbers with 45% bullish being neutral. Last weeks numbers were 37% and falling. We did come close to the trigger point and that is making we wonder if the bulls said, it was close enough, lets buy the market. It happened about 4 signals ago, in the same scenario, so it is possible with recent examples to back that up. The market went up for several more weeks un-interrupted.
I am traveling in the SF Bay Area today and for the next day or two, so I am taking a low profile. I don’t want to have to trade if out of my comfort zone. I can for sure and do many times while traveling, but I have made mistakes in the past that I think otherwise would not have made if I was not distracted. I need to keep my consentration up at all times while following the markets. If you get sloppy, or I, you could get spanked, (hurt). No fun.
I want to start trading the opening bell very soon and will be doing so coming up. There are better moves and volume usually in the morning open, first 90-120 minutes. That is going to be my focus, but just need to change my schedule around, not an easy task, I am a night owl, as I write this past midnight on Tuesday, oh, now Wednesday.
That is it, for now, need sleep. Below, is two charts, one of RIMM and the other, FAZ. The first stock is a popular day trading stock and the second is as well. Some people may not be aware of it, but it is Bear Index (3x’s Index) so this has moves behind it, as the financial sector goes about its business. It moves in the opposite directions as the banks and finance companies. It is a good day trading stock as well. You can take a peak of there charts in a tick chart. Rimm chart is a slow time frame and the Faz is a little bit faster. OK, I will be back tomorrow. Good Trading.
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Tags: big rally, bullish, S&P 1080 target
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