Business Magazine

Mid-Day Update

Posted on the 09 November 2011 by Phil's Stock World @philstockworld
Yesterday We Said:  Just when you think they were going to continue to kill em?They run em.  Of course the flip side of that is true too- Just when you think they are going to run them? They kill em. Today we say: Wash Rinse Repeat All of which makes for a volatile situation on the surface but also starts to have the look and feel of a trading range being developed in the indexes. We’ll find out soon enough. Remember those ABC’s from yesterday? Mid-Day Update  The COMPQ chart is a bit different than the SPX chart below as the wave 3 (wave 2′s lows to yesterday’s highs) up is comprised of 3 waves up vs in the SPX chart it  has 5 waves (wave 2′s lows to yesterday’s highs)  Mid-Day Update Does any of it matter? Not really except that true to form with Ewave after  the 3/5 micro ups to yesterday’s highs we got a reaction to the downside just like we were supposed to . Noticing the wave action that was developing up thru yesterday’s highs is what caused us to sit back the last few days with what we have vs jumping to the longside and now you know why.   Keeps you from REACTING by jumping in on the longside.  Mid-Day Update  Mid-Day Update  11-9 So what are we going to do about all this? Nothing really but what we’ve been doing. Why? It works that’s why. Today is also an EXCELLENT EXAMPLE OF " LET YOU’RE STOCKS TELL YOU WHAT TO DO BY THE ACTION THEY EXHIBIT".  Case in point go look at the longside watch list! Even with the markets down big today look at the charts of those names. They are all pretty much intact here. Keep in mind this MAY be telling us something.  All in all I really have nothing bad to say about today’s action when I look at the charts (objectively and free of emotions) of our current holdings and our longside watch list and neither should you, unless you are a highly emotional type that is. Current Game Plan So here is the bottom line through year end. We buy weakness and we’ll use the 50-day average to define our risk

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