The Golden Lounge

[robbcarpdm]

Well hate to say it but 11500 is not the bottom.

We are in the next and last leg of the Elliot wave.

My calculations puts us at about 10600 for support.

We CLOSED at a new low so the intraday low may be a closing point near term but we will pirce it no doubt.

Just need a little more great news to push us down. Point is any move higher is met with plenty of supply...so upside is limited and even the leading sectors are now poised for a move toward mean convergence.... Agriculture and Energy.... and aint no way finacials are leading us higher.

11500 for a support would be great but I dont think it will last more than 2 days. Sorry, and for full disclose I am talking my book. I have puts on S&P DIA and even on Apache and CHK cause they are over bought and have to go back and retest the break outs before going higher.

Its all good......if things only went sideways it would be hard to make money =)