Sunday, September 1, 2013

Spoke too soon part 2...

On Friday I posted a chart of the small cap futures breaking down through support. However, I posted it with about 10 min left in regular trading. In the last 5 minutes of trading everything changed. Notice the volume in the /TF and /ES in the last 15 minutes of the day. Most of it came in the final few minutes of trading.

After seeing this I knew I had some strong evidence that the markets could move up strongly before the stock exchanges opened back up on Tuesday.  Literally, in the last minute of trading on Friday I did decide to cover my shorts but did not go long. As of now, I expect the market will rally for a few days and probably head back towards the previous swing high of SPX 1669, if not even higher. I have orders in to get long the /ES @ 1637.25 and the Nikkei via /NKD @ 13410.

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