Monday, September 27, 2010

Dow 11,000

What a rally! Back in August all the market pro's on tv and in the news paper, where calling for a ugly September, and some even said we'd see the stock market crash. In Late August the bull bear ratio was at the most bearish it had been since 2008. Here is a perfect example why you should NOT TRADE what you read or hear. My trading motto is: "Trade what you see(on the charts), and not what you think, hear or read!"
September 1st. we opened at 10,000 and we will end the month at 11,000. This coming week, I am looking for the weekly R2 pivot at 11035(10975 on the YM futs) on the Dow Jones to get tested. Support this week is at the 8dma @10670(and an open gap). December YM futs Monthly R2 pivot is at 10910. We should see a consolidation phase start soon.