THE DOT - if this turns orange or red be alert

Friday, February 5, 2010

Brainstorming Friday

1. I have to adjust my short term targets down as we are making (or breaking) quite some progress already this week. SPX close below 1050 today would trigger a retest of the 200 MA short term. Although we shall meet some support next week at the 1020/5 level around Tuesday next week if the G7 does not produce a little Monday spike in that case it may be delayed for 24-48h. We have entered wave 3 down which tends to be the most ugly one. The first wave down was 80 points and we want to make that times 1.38 at least which is a magnitude of 110 points from 1105 hence 995 or rather times 1.62 (130 points down) matching 975 close to the 965 38% retracement level with 200 MA at 980 looks like the winner.

2. EUR my bounce within 24 h did not work out as EURO takes the extended version down to 1.32

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I am a professional independent trader