Friday, November 1, 2013

The market tried to move higher today several times.  But it failed so far.  We did close above the PP for the day.  So warning for Monday.  Game plan for Monday,  Look for a back test of the PP on Monday, if you get a bounce exit your short and go long.  Meanwhile  move your stop to 176.77 to lock in a small profit.  We will manage our losses and let the winners run.

On the daily, we still have resentence at the 175.56.  We did not break the 175.09 that is the 68.1 % retracement on the extension   If we break that them we will go lower.  If we bounce we will make a new high with a new profit target at 178.43.




Options traders: Move your stops to 4.11.  If we get taken out on Monday it will be a small loss.  If the market continues down we will keep trailing our stops.  If the markets bounces on Monday we will reverse, close our Put and buy a Call long.  Same rules as above. 



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