There was no post on Friday since the markets didn't do anything that day. As I said on Thursday, it was doubtful that anyone would take big bets going into the weekend prior to a big election and Fed meeting week. That proved true. Seeing the S&P futures up 10 points tonight and a gap higher in the euro that's been filled and is now pushing higher, I see a wild week ahead.
Where the market's move Monday through Wednesday is anybody's guess. But I think a well thought out strategy of entry and exit points employed with unflinching discipline, no matter whether you're bullish bearish, is a good idea here. I think the market could get quite wild this week and those who try to play the market on short term moves might get quite burned versus those who think out the possiblities and calculate risk ahead of time. My opinion.
The uptrend the market has held for several weeks is still intact, yet has numerous signs of exhaustion. Until the uptrend is broken, we should be looking for higher levels. We'll see if the elections and Fed announcement on QE2 leads to a reaction that breaks the bulls' back, and the uptrend in the process.
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.
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