Today’s market, Monday 8-22-11, we saw a large gap higher to start off the session with a steady fall into the close, with a few bounces along the way. The market is weak and currently just marking some time before its next move. We could hold onto this territory and try and mount a rally back up later in the week, but caution is in order.

I hear that Bernanke will announce the next phase of QE3 before Friday this week. If that is true, you can expect the market to at least bounce pretty good. We could see a retracement back up to 1221 to 1250 area if we can get over the 1140 area on a closing basis. Currently we are at 1123 and not to far off that trigger point.

I would look to around Thursday for things to get heated up one way or another. The market can drop, as it has a clear path down do so, but I tenatively think that we will see the bounce back up first, drawing in many of the so called value players. In any case, one move at a time, so we will see.

My last post on Wednesday, last week called for a large drop of 40-50 S&P points plus and we got that right on time. We did also see the plus + as well, making that run from S&P 1190 to S&P 1131 at the low within the first 35 minutes of the open. I had covered 2/3rds of my position into the night session with the third part being closed into the first hour like I said I would do in Wednesday nights post, it was a huge day.

I did not post on Friday, but will do it now. Friday I did have a very good day with twelve points on the S&P in that last session. Between this day and Thursdays gains, I pretty much have all my average daily gains for the next two weeks. So, I will not be loosing out on a thing while being off and not having to trade, amazing.

I will be on vacation until after Labor Day.  I will still be blogging but on a limited basis and still tending to members needs, so just letting you all know.  If anyone is interested to start as a member, you can still do that, as I have all materials for instant download now, so there will be no delay or problem getting you started while I am traveling.

I will still post a screen shot of the first part of the day with the turning points marked, so stay tuned if you care to see where those trigger points are, but no live trading until after Labor Day.

Wishing you all the best, Vince

Related posts:

1. Perfect Call on Gold & Silver Sell Off
2. New Market Call
3. Another Big Market Call Completed to within one tick
4. Another Spot On Market Call
5. Market call still on course

Tags: QE3