ALERT! ----
Okay, anyone listen to Moe Ansari's show on Sat? He's been pretty right on. Here's what he says for the next two weeks ---
The way I see it, that outside day key reversal on the weekly chart on the Russell portends a move up of bigger scale. BUT! -- Moe says this month we hit the bottom of this A wave. But not yet! He says we go back down at or below the 666 SPX low to wipe out all the hopefull longs. He's looking at the daily and hourly charts to make that assumption.
What to do?
I'm long the SPX e-mini futures as a covered call with the 695 calls. I'm bailing on those Monday. Nice profit anyway. Now, the long TNA I'm in and have reccomended I'm trying to decide whether or not to just sell out and buy lower, or sell the $11 calls which puts my basis in a locked profit because those are trading higher than my long 10 calls. Hmmm.
I think I'm leaning toward selling out the long calls.
You have to listen to him because he's an elliotwave guy and he manages billions of dollars, not just a commentator. And, he's been right.
However, this NEXT leg down IS the buying opportunity.
He also mentioned he has a long term in-house buy/sell strategy that is very accurate. It's only given 8 signals in the last 100 years. In order to get a buy signal, the SPX has to close over 780 by the end of the month. That's two weeks away and he thinks it looks like it will.
But between there and here, we go down big. 100 points on the SPX these days is 3 days of trading. But be careful.
So, if he's right, that key reversal candle on the Russell could be right for a bottom, but within two week's candles. It's still active if the Russell trades within that candle range next week and then goes up.
