Long Term Musings

2:30pm EDT: I don’t have much else to do right now, and as buyers remain tepid at best (not buying their own green shoots Kool Aid?) I thought I put up a longer term view of where all this might be going:

Unless buyers step in soon I think we’ll drop towards 8000 by the end of the week. We might get a bounce there or the next line of defense is 7,700. This is our separation point in that we will either get a small bounce to the upside (Green: Intermediate (2) of {3}) maybe retracing as much as 8,300 – or we breach 8,600 which would be our Orange confirmation signal (Orange: Intermediate (Z) of Primary {2}).

2:54pm EDT: Looks like the GS black boxes just kicked into action – I’m seeing a double bottom on the ES right now. The NQ looks even more bullish – interesting – if the Zero Lite crosses we might have ourselves a dip buying attempt.

3:41pm EDT: Okay, now this is getting real – we just pushed above the ES VWAP – IF it holds we might seem some EOD fireworks. FYI – NQ has already passed the upper 2.0 standard deviation line on its VWAP. Remember, the NQ/NDX are the favorite toys of our program trading ‘friends’…

3:44pm EDT: I’m seeing some green shoots – LOL. Zero Lite is still pointing up – I would like to see a +1.0 signal.

Houston –  we have lift off!

3:50pm EDT: Okay, here comes the obligatory VWAP retest (874.25) – don’t be fooled…