Industrial Revolution

Gonna keep this short for now.  Markets look like they want to head lower to test 1077, but if they don’t I would expect a sharp rally to the 50-DMA at around 1,260 on the S&P.

If that happens we could see some profit taking in gold and silver.  Not buying into this silver rally as it has that look of a “2nd chance” parabolic move that’ll hurt alot of traders.  Happy to sit this one out which could finally signal the D wave decline.

Stay safe, keep your powder dry and your patience is most valuable right now.  Fed meets in Jackson Hole beginning Thursday, and any hints coming from Helicopter Ben regarding QE3 will jack this market up in a hurry – but only enough to prepare for a longer-term downside move.

Now enjoy some more fabulous work by Danny Mac…………..

Advertisements

About thefront9

Independent trader with a flexible approach to the markets. Position trading, swing trading and day trading using Futures, Equities and Options. This site is intended to help others (and myself) see what I see and to stay true to the discipline of making trades at the extremes. Contrarian and TastyTrade addict! Living in Texas with my family, helping others and maybe playing some golf from time to time makes life busy and great. Add a little music and humor and that just about sums it up. Trade the extremes and manage risk.....always!
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s