Tuesday, May 04, 2010

Market Update 5/3/10 After close

[posted on Members Site YESTERDAY AT 8:13PM EST]

 

Daily VIX – people complain that it collapsed today…oh PLEASE – everyone wants quick sure one directional move…not gonna happen!
VIX consolidating in what seems to be symmetrical triangle (I cannot call it pennant – no pole/no pennant)
2010-05-03_1957 20 min VIX chart has been quite reliable in identifying turns and today between 1 and 2PM it posted buy setup 9
2010-05-03_1959
30min SPY chart just posted Setup sell into close, ongoing wave B has not been extended..yet (B is traditionally difficult to trade – your profits evaporate in the blink of an eye…hmm..is not that what is happening now?

2010-05-03_1823
3min wave hints some more upside (not much though and in line with 121.40 target which I have NO CLUE where I got it from few days ago…remember those thick blue arrows?).  So, more upside IF it is up wave, but it might be just completed C of wave down.

2010-05-03_1819
I am short /es from day time – flat on the trade, might cover if overnight action push /es lower.  Otherwise I expect slightly higher open and then down to go lower than prior 4/27 lows.  And of course, any new high will prove that "I know nothing".


05/04/2010
Futures approx. BO




Daily Range Projections
Low
High
Low Tolerance
High Tolerance
/ES S&P500 Futures
1191.13
1209.38 1181.76 1187.24
/NQ NASDAQ100 Futures
2012.75 2051.5 1996.44 2008.06
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