For those of you new to the TTW blog, we really aren't bulls or bears, but on certain days I think it's appropriate to celebrate, and this is one of those days if you were positioned short for this move. That's just called trading the chart, and with all of the excellent studying and pouring over those charts for weeks and months on end we made our own luck today on the short side, and will do so in either direction going forward. I have to admit though.. after months of non-stop up, up, up, it feels good to see the air come out of the tires. It's always easier to trade extremes, and the chop-a-thon was becoming rather difficult to look at day after day.
But the work is far from over, and now we re-group and plan ahead once more, as best as we can. If we get a bounce, let's be ready to take advantage, and if we're in for more down-the-tape-grater, let's know where support and resistance are because let's face it, the bulls still have the ball in many ways. Much like I did last night, I'm just going to post up a variety of charts with just the basics on board. If I've missed anything you want to share, please do so, as we need all hands on deck, and there are many moving parts to this tape. We haven't had anyone chart the bond market for instance, and that might be very helpful.
On the economic calendar tomorrow is: drum rollllllll... NOTHING! But earnings are still active, and hitting the high spots we'll have: GE, BBT, STI, HBAN, EXC, HOG, MCD, JCI and SLB. Keep an eye on those regional banks because they did quite well today while the giants were kicked to the curb. We could have a good trade to ponder there on the regionals to the long side.
So with no further ado, it's chart time. These are the plain vanilla, non-DeMark charts, and DDT’s DM Wave count. I think most of us have the sequential charts already, but if you don’t and would like to see them, just ask. Also, if you aren’t sure what the heck we’re talking about when we fire out counts during the trading day, feel free to ask and /or if you have TOS someone will help you set things up on your platform. I’m part of the DeMark students too, so we’re learning together. Thanks again everyone- you make our day, every day on TTW!
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DDT’s DeMark Chart with Wave Count
One of my favorite movies, and let’s just re-live that opening bell
today one more time, shall we? :-D
