Thursday, August 27, 2009


Hello Traders,

I want to do just a short blog post tonight as its been a long day! The target of 1016 was filled and that's about it for the pullback! Very bullish news was again muted this morning but buyers finally showed up after lunch. The Asain markets are about to open and price could get a little pullback it to 1020, then I expect a gap up tomorrow which would be a great shorting opportunity. If you are in the Elliot Wave Theory camp they are looking for a high in the 1041 area then a big drop from there. Other pattern traders are saying a bearish broadening megaphone inside of a broadening megaphone pattern. Anyway you cut it we are range bound this and shorts above 1030 look good along with longs below 1020. I'm flat ES waiting to get another stab short. Good night


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