ES looks like it could roll over.

S@P futures look like they could roll over here. ES needs to hold 1318 if it doesn't I will really lighten up longs and add shorts. On the chart you can see the lowest fib fan broke on Friday and so did the channel. Looks like we could backtest and fail to the downside. On the positive side if we hold at 1290 an inverse head and shoulders would be in play. The volume has been light which could have been a consolidation and will break out to the upside.

OIL SHORT

I Bought some DTO on the break back below of trendline on OIL. Also sold half of SOL. Still expecting more time for minor 2 to complete. We may be in a b wave lower and then a c higher to complete 2 and then all hell breaks loose in wave 3,3,1

Whoops I was wrong

Looks like i should have been more patient in waiting for a bounce. SPX looks to be bouncing in wave 2.Confirmation comes above 1106. Retrace targets are up to 1150. Looks like the bulls are getting their mojo back for now. Wave 2 should last 10 to 15 trading days and were in day 4. I bot some IMAX EBIX AND SOL

Bulls in trouble!

I have been really busy branding fencing and getting the house ready for the baby and haven't been around the computer much at all, but it looks like bulls are in trouble this week lots of wave counts most showing us going lower some alot lower.The SPX had a bad day revesing at the 200 day and closing under the 13day again. It looks like it could get real ugly under 1040 and maybe bounce just under 1000. I got stopped out of all longs on friday and waiting for a bounce to short. I knew I was overstayin on the long side but we should get a chance to enter short this week hopefully before my pregnant wife and I have our first child hopefully soon the due date is the 9th.

Time for minor 2

I sold all my short etfs today and bot some longs starting yesterday and bot some more today. Here is the count i like the best. This implies we could get a bounce to 1130 or so and take a week or a little more. The MACD shows a positive divergence for 5 that ended today. Also on option exp we had a major accumulation day, i wont get to excited about shorting until we get another major distribution day. heres the linkone of my favorite indicators http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID2393449&cmd=show[s128363142]&disp=P

A gift?

Is this morning gap up a gift to enter into new short positions? The 13/34 daily ema's crossed down and gave a sell signal. Usually if you go back and look when they cross their is a bounce back which gives you a chance to enter. You can check it out on one of Mike Breaux's blogs http://spwavetrade.blogspot.com/ I will start reetering some shorts midmorning today and see what happens. Probably will start with some SRS TZA FAZ VXX and EDZ i'll also put stop losses on just in case the bulls take back control. Also remember to not get into to big of a hurry the bulls have the ball and may run a little more.

Time to lighten up shorts

We are in a nice channel down and are hitting the lower end of it in the 5th of this 3. I'm selling half of shorts here and expecting a bounce soon. Should be a couple days of sideways and then one more down. 13/34 ema's daily havent crossed yet but we should get another chance to jump in short when it does.