I told you they'd have the 30m minis bottomed out by this morning. If I am correct the 60m minis will have to cycle thru a downtrend before we get anymore real strength, so the plan remains in place. Run your longs till the 30m tops out on the minis then you should have a chance to short it (unless of course you get some action like late Friday). The drive to 1,200 and 11,000 should be very much alive. Who cares if we had an unexpected jump in jobless claims last week? The news out of Greece has been met with a muted response from the markets. Thai clashes descend into bloody violence from the FT gives me the sense that troubles are spreading.
Pivot Points - Know 'em
Economic Calendar - Auctions and then the Treasury Budget at 2:00. Consensus is -$60B.This could be a big market mover. Wednesday will be a big day.
Blogger is having issues with loading charts this morning, sorry. I'll get one up when it let's me.
The overbought conditions persist as well as the march of indefinite proportions does. All I can say is stay nimble and keep the stops tight. With the minis fighting the upper bull run trendline, I really can not foresee any significant upside before some sort of corrective. With the dailys at their upper BB and the BB forcing price into the support line one would think something will have to give eventually (of course rational thought is useless in a rigged environment). Maybe we'll have to wait till the Treasury report at 2:00 to get any real action today. I'm still looking for some severe lows in June. 1209 on the yearly chart I showed last night might be a good number to look for.
GL!
