Friday, August 13, 2010

Stock market searching to make August opex a lower high

This morning it isn't clear that we'll get a satisfying lower low for the week but it does look like the stock market indices want to position for positive movement into opex Friday a week from today for August. So we'll probably want to gulp and consider covering and going long, except for anyone who wants to risk the potential for a lower point Monday for a classic buy-on-Monday week next week. A lower entry from the lower Bollinger Band would have been nice but we don't always get what we want!* Going over yesterday's highs will look positive especially if accompanied by good volumes on the buying times intraday. So careful out there as always, and happy market navigating!

*Note - actually the QQQQ chart looks like we got close enough to that yesterday so we can't be stuck on the idea of that for today. We need to think generally positive into opex given everything we've been looking at since early this year. After that, it's another story as the late August to October time frame has been one we've expected to be relatively bearish.

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