Short Term Trading Member Forum

[techcharter]

Whipsawwed Market.

The sudden support after the opening made me reconsider my wave conut for the INDU. I counted 3 zigzags, so I figured the morning selloff would continue the rest of the day. When I got the feeling the selloff stalled, the best count I cound come up with was a wave b flat. So I sold my TWM and SKF for a profit and went long DDM thinking wave c will be big enough to trade a small portion of it and wait for the top to buy back SKF at a lower price.

The canary in the coalmine for the financial sector is MER. From the Nov '07 lows to this weeks hi, it traced out a flat. wave c of th eflat is and ending diagonal. There may still be one more push higher tomorrow.


http://stockcharts.com/h-sc/ui?s=MER&p=D&yr=0&mn=6&dy=0&id=p75635173805