Tuesday, October 8, 2013

10/8/13: Assessment was incorrect, still fishing for a bottom

Markets really took me by surprise today.  Like I said, if market opened marginally lower, I would buy so I did.  Then during the day I watched it break hourly support line after support line and trend down on the 10 minute chart.  Not my day but hopefully the next few days will be better.  I bought a bit more at the EOD.

Looks like a falling wedge formed so we may pop tomorrow in the morning and then get beaten down again.  If the timing window is any indication, if we do see pop and drop, then I'm looking for a low to be put in the afternoon.

What concerns me is the 50/200 hourly cross and if we broke major trend lines.  It's hard to tell unless we are 3-4% away from support.  1-2% is noise so it's not official yet if we broke major support trendlines.

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