friday trading, page-14

A first big down day in the US, in a good uptrend is usually faded here. In other words we will open weak and climb all day.

Well here we have the inverse and is just as common.

The US has a big up day after a decline and we open strong and fall all day.

The logic is sound in that one day doesn't make a new trend.

So it comes down to what happens tonight. If the US gains again then we have a lot of catching up to do. If it falls then probbaly we won't do too much on the downside as we already have.

At yesterday's close, all my daily indicators locally were on a sell and still are. Weekly is more mixed.

Managed to sell SPX at 1199 and added more shorts to SPI not far below last night's highs although I covered some of those about 15 pts above today's lows so far.

SPX 1200 was about 50% and yes I won't worry till we do better than 0.618. My favourite indicators of summation indicator and bullish percent are on sells. That comes after the TDSEQH at the start of last week plus the 1100 day cycle turn on Nov 5.

Silver managed to be stronger than I thought but not gold, so we will see.