Maybe one week, maybe even as far as Mid-November!
If Microsoft does not impress, then it’s from Friday…
This week will see the tip of the iceberg.
The recent ‘Weak’ thrust higher is proving to be final and is the perfect
catalyst for the fall to begin in Ernest!
10000 for the Dow is a Massive level, particularly when the overall economy is
still struggling.
This gives top traders a little concern when such a pivotal level is breached.
Yes, it gives the average guy in the street and you every day trader a little
lift.
However, I must stress that the big guys really do not want to be in at very
high levels when they KNOW the real state of the underlying fundamentals.
Maybe we could see 10200 as the FINAL ‘High’ for quite a while, but I do not see
past that, and it is that simple!
The $ is ready for a reaction rally to most major currencies across the board,
and with that turn the Stock index correction will be obliged to rear its ‘quite
cute’ head.
I am not going to call it ‘Ugly’, purely for the fact I am looking forward to a
fall.
This market needs to freshening up, and after a fall, I think most savvy traders
will know what they are doing.
Take a look at my Dow chart…
Here’s what’s up
I know we have seen (some would say) surprisingly good data come out of the
U.S., most recent of all, Alcoa and Apple.
These are heavyweight companies, but this morning I do not see the thrust
continuing
It looks like the market is worn out. The next part is crucial to our decision
making…
After all, do we really care what happens medium term?
No, we don’t. We are only in a trade for 7-10 days. Short term is our gain!
If the market does not sink to hell, we do not have to worry, AS LONG as it DOES
NOT climb the ‘Stairway to Heaven’!
High No Touches ABOVE 10200-10300 is the way to play this market…
It is simple, let this afternoon ride out, let the $ have one more bad/flat day.
However, I still see 1.64 holding for the £/$ too.
Then tomorrow, is the day when you throw your punch! Bear in mind we have
Microsoft reporting on Friday.
You can even hold your guns until then, but I honestly see the market coming off
some before that.
Listen, I will be in again real soon with levels for all markets, that I think
will be touched or more importantly will not be touched through the month of
November.
Be ready for that.
The trade I have open right now for my clients, is a High No Touch on the Dow
Jones.
Have a great trading week
Matt $haw
www.fixedoddssuccess.com
P.S. Are you someone who has 100k to make a killing on next month? I can make
you 80% on that capital inside 3 months. The money is on your account, I simply
trade the account.
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