October 30th, 2009

The premarket action is pointing down. I guess the 106.50 is the resistance level for SPY. If SPY breaks above that resistance, it could go back up 108 to 108.50 area. Nowadays the market is making a big swing back and forth and closing more than 80 points or more. So the volatility will be there.

October 29th, 2009

Today is my birthday.

Ok. The premarket action is pointing up. Yesterday SPY had hit the low 104. There will be a gap up this morning. Is the SPY bouncing off from 104 and heading back up to 108 or will it close the morning gap.

October 28th, 2009

The market will gap down a little at the opening. The SPY can drop down to 104 area to complete the head and bounce back up to 108 for right shoulder. Watch the SPY at the 50 day moving average.

October 27th, 2009

SPY had an unfinished business on the uptrend to 108.50 and downtrend to 104ish area. It might go back up to 108.50 and then it could drop back down to 104ish or it could continue to go down from to 104ish and then it could bounce back up to 108.50. BIDU is dropping more than 80 points in premarket. Watch GLD at 100 level closely to see how its action plays out.

October 26th, 2009

The market is slightly up in the premarket. The SPY could be in a trading range between 108 and 110. If SPY breaks either way, go with that direction.

October 23rd, 2009

SPY will probably open around 109.9 to 110 area. QQQQ jumped a lots due to AMZN earning from last night. AMZN shop up too. Spot gold moved up last night.

October 22nd, 2009

Yesterday action seemed very negative. But I believe the market is not ready to go down yet. SPY held the support level at 108 and QQQQ at 43. SPY could be in a trading range between 108 to 110 today and tomorrow. If SPY breaks below 108 and closes below 108, go short in the near term.