Enlarge any chart by clicking on it.

Unless otherwise specified, ALWAYS use the 15min chart to enter my recommended plays because
CONFIRMATION is a MUST. In other words, you need to see a 15min candlestick that CLOSES beyond
the entry point, then enter when it moves 10cents after the high/low of that candlestick.

Thursday, October 11, 2012

USO, AMZN, AAPL, VIX, SPX

I strongly believe the bottom was put in yesterday on SPX. I also believe the drop that took place after the initial move up today was in order to kick out weak bulls and to give false hope to the bears. This means that the bears (bear fakeout) and weak bulls (bull fakeout) will sit out or get trapped while the market makes a strong run up.
Crude (USO) is ready for a run up, so watch for higher prices coming to a gas station near you (if USO trades >34.50 tomorrow). :(

FOR FRIDAY:
Look for the market to make a strong move higher that will likely start after an initial drop. Currently at 1432.93, I believe it will drop to 1431 before reversing for a strong run up.
But if it starts by going up, then the opening price will likely be the low of the day. See the SPX-10MIN chart for clarity.

USO (Crude)-DAILY

AMZN-15MIN

AAPL-5MIN

VIX-DAILY

SPX-DAILY II

SPX-DAILY I

SPX-30MIN II

SPX-30MIN I

SPX-10MIN
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