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Wednesday, October 6, 2010

E-minis

Looking for maybe one close over the flash crash candle of 12253. http://2.bp.blogspot.com/_TwUS3GyHKsQ/TKuQDzddL0I/AAAAAAAAHtk/MOKTVGU8BGs/s1600/wilshire+daily+candle.png  Wilshire has retraced some 73%. Deep yes, but still in the realm of a wave 2.
I would think there is an excellent chance that any gap up today would close same day, even if the market winds up finishing higher.

Lets face it, the currency moves have largely driven this rally.  Drive oil up to $90 is not healthy nor good for anything.

So all eyes on the dollar where no one expects a sharp, even violent rally. Even I want to write it off.

But we still have 3 big waves from the high.The 4 hour stochs are showing some toughening up and positive divergence. The stochs look like a coiled snake in the grass.

You think squeezing some shorts in equities is a big move? The currency markets are much much larger.
Good Luck today.
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