Live Update

Friday, September 24, 2010

09/24/2010 After Bell Quick Summary

The bottom line, the short-term trend is up but I closed my long position before the close.

Although in last night report, I expected an up day today but certainly it’s a little bigger than I thought. I’ll have to reassess the trend in the weekend report. For now, well, just for now, subject to change at anytime, I shall say this is a beginning of the 2nd leg up. Because SPX had 3 red days in a row, so I don’t expect this 2nd leg to go very far. And perhaps it’s not very bad for bears because if the market kept selling off today, I’d say the uptrend was incomplete because it’s missing the 2nd leg up. Now since we have our 2nd leg up, it’d be much simpler as the question now is how far it can go which I’ll do research in the weekend.

A little bearish biased toward the next Monday, at least not a huge up Monday (Less than 1% rise) for 2 reasons:

ISEE Indices & ETFs Only Index > 100, 23 out of 33 times (70%), SPX closed below today’s close within 2 trading days.


When TICK > 1,000, slightly bearish the next day and at least very unlikely a huge up day.


Enjoy your weekend!

blog comments powered by Disqus


The information contained on this website and from any communication related to the author’s blog and chartbook is for information purposes only. The chart analysis and the market recap do not hold out as providing any financial, legal, investment, or other advice. In addition, no suggestion or advice is offered regarding the nature, profitability, suitability, sustainability of any particular trading practice or investment strategy. The materials on this website do not constitute offer or advice and you should not rely on the information here to make or refrain from making any decision or take or refrain from taking any action. It is up to the visitors to make their own decisions, or to consult with a registered professional financial advisor.

This websites provides third-party websites for your convenience but the author does not endorse, approve, or certify the information on other websites, nor does the author take responsibility for a part or all materials on the third-party websites which are not maintained by the author.