I’m awake and so is the market.

Berk here.

Not much has changed in the count, and it doesn’t look like much will.  Pushing up in what appears to be “iii” of “C” of “II” right now.  In fact, $NDX is pushing that upper channel on my TOS chart.  Also notice that we are pushing right into the resistance/target zone.  Also note the ugly divergence that will almost undoubtedly remain.

NDX update

We are overbought in the STO, and divergent but pushing overbought in the RSI.  I’m just expecting some 4th wave consolidation here, but be wary if we start to drop off too hard.

That’s it for the minute, I’ll be back with some more charts in a second.  In the meantime, look for stocks that are up 3-5% and get ready to short those puppies.

Some of us are in this trade from various levels.  It has been good so far, but short term we should be prepared for a bounce…

DTG

DTG running low on momentum

FWLT approaching reload time…

FWLT is at reload point for Berk

Here’s a quick grab from the Zero.  I know most of y’all get it, but notice this nice divergence forming.

Zero Lite divergence.

One final thought for the moment.  10:30 is one of the most common reversal times.  I am sure PRS would concur.  Often times during P1 I had noticed that the market had a tendency to reverse it’s rally by 10:30am.  If it didn’t do it then, we would typically rally for the day (or at least into 2:30).  Be prepared if we don’t get a big drop from here that we will likely chop before one final push up.

Another update with the “PRS super channel 133% hiding in the bushes waiting to smack your ass reversal level.”  Notice it on the $NDX in target zone with divergences.  Still in the reversal time window (after 10:45 is becomes much less likely).  Still only looking for more chop until the day ends, but we have to take things for what they are worth right now…

NDX in TOS

Update:  If you are a stalker, check out the low volume large price moves on a number of these…  Given the low $VIX they should be giving pretty nice entries.

NK, BK, RIMM,  BGC, ATI, JRCC, X, FLR, STJ, FPL, EXC, SCHN, AAP, AMAG, AZO, BCR, CEPH, CHL, DNB, DRI, FAST, FSLR, GENZ, GPRO, HES, ILMN, LMT, LSTR, MOS, NAV, NUVA, TDW, BG.   Also keep an eye on DTG, NIHD, and FWLT (not system entries, but they are dead).  We are loading up on puts on these puppies…

Off to lunch… Will catch up with y’all later.