It appears that the market is playing out exactly to my plan. It is a shame that I don't possess the cohones to trade on my conviction but, at least I have the guts to share my thoughts with the world! Anyhow, with the pre-market trading down to S2, I don't see much more downside for the day. I project we hang out between S2 and S1 for the remainder of the day, to set up for a rip overnight or tomorrow back up to 1130. This would flush out the shorts AGAIN but, also set us up for a test of the 200dma and gap at 1110 next week. See chart below.
[EOD Update: 4:42pm]
Two days in a row. I'm dead on! This stuff is easy, huh? Not quite. Anyhow, we got our drop and our bounce and the next drop all in one trading day---that's a lot of action. My thoughts for tomorrow is we make a marginal new low and bounce around a little staying below the 1124-1125. Then, baring a Monday rally, we should see some modest selling.
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