[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) 
20 min VIX chart has been quite reliable in identifying turns and today between 1 and 2PM it posted buy setup 9 
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?
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.
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 |
