October 30, 2008

Market Review and Commentary for October 30, 2008

DISCLAIMER: These are trades I am doing and may not be right for
you. Use your own Due Diligence when making financial decisions of
your own choosing. This is NOT a recommendation of any security.
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The DOW advanced a measly 189 points today.

It’s likely it will pullback a bit considering the gains it’s made but watch 8606 on the DOW as the support area. If that does not hold we will go back and re-test under 8000.

It’s highly probable that we will be in a tight trading range until election day here in the US – going back to 9300 and back down to 8600.

I’ll leave you with this to consider: We have advanced nearly 1000 points on the DOW but the VIX is still above it’s trendline and it apears a ‘flag’ is developing which would indicate a much lower market ahead of us. If the VIX breaks down below the rising trendline we could stage a massive rally, if not we are going back under 8000 for sure.

THERE’S NO VIDEO TODAY

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