One again our apologies as we weren’t able to send e-mail updates after the early morning. Traders should always be aware that e-mail service cannot be guaranteed, please act accordingly. I have taken my commentary link off the main menu . Traders are missing a gold mine of information from the other sections. Travis has been on fire with his stocks pick all year. I personally have over 1000% returns from some of his option picks. It would be nice if every stock pick was perfect but that is not reality. I made the mistake last week of focusing too much on the Astro retrogrades, but I didn’t bet the farm. As for today, I defer to the other sections. I have no entry or exit points today as we look to be gapping on the open. Yesterday was the day to get long with cumulative volume on fire soon after the open. Here is the Gann 15 minute, astro, astro2 5 minute, hourly, hourly2, daily Trix, and the 3vol bar chart.

*BobR is a professional OEX trader and one of the writers of the Momentum Cycle section. TJ,(Travis Jordan) is the writer for the Elliott section. This site has four separate sections, each one independent.

Intraday indicators are no longer overbought. Just above the green Gann line at 657 on the 5 minute chart should be used as a stop for traders that are still short. I don't know if there is enough selling pressure left to take out the 648 level. If it does get taken out easily, traders should look to the 645-646 level to go long. Hourly MAJ is close to the bottom band , the daily cumulative volume indicator is poised for a possible explosive move off the zero line. It could easily be down so I would be cautious on the long side. Bob trades off his Moontide indicator (which is sometimes posted) as well as the ones you see posted in the Cycle section. Look for an e-mail update, if one (Jim, Travis, Bob, Jon, Rick)of us decides to trade the expiration. Here is cumulative volume, astro, astro2 5 minute, hourly, hourly2, daily Trix, and the 3vol bar chart.

We closed right at support so anything goes for the open especially if the Gann line is going to act as a launch pad. We tagged the Gann line that I updated via e-mail just before the close. This was the best short setup I had seen going into the close in a while with hourly RSI and CCI in selloff patterns suggesting to me the Gann line was not going to hold. 652 is the most likely area for a bounce with the 648 level being crucial support or the bulls. Use your own discretion for stops if you went short as I don't think I will be able to get up today. I am sick as a dog with the flu and getting worse. Bears should be cheering for a break of the 648 level.

Here is the cumulative volume chart I was referring to in the e-mail update at the close, suggesting you may not want to be short into today's open. Is it party time? Do be blow through the 10,000 level and don't look back. Well, my intraday indicators are all over bought here suggesting the party may be over before over it starts. My guess for today is we hover around the 10, 000 level as cumulative volume is still supporting the market. Sideways may be the bulls best friend right now. Another astro bar popped up on the astro chart. The other two bars all marked lows. The new bar maybe marking a top or a bottom for Friday or Thursday. I suspect if 652 is taken out we will get a quick trip to the 647 level but I don't see an ideal trade setup today. I can hardly wait to get rid of Windows!

The DOW trading system went on a sell. The OEX seems to be tracking the Mercury price line down. Mars is also due to go retrograde on Thursday. These sentiment numbers look very bearish. The 645-646 level looks to be key, with two Gann lines converging on this 15 minute chart. The Jupiter price line is right at 655. If the 645-646 level doesn't hold, we could make a trip to the Gann line on the 5 minute chart at 637. The 645-646 level could provide support for another rocket launch to the 655 level. 3 minute cumulative volume still hasn't broken down. We could break either way here as my intraday indicators look almost neutral. I would be looking to enter a short on a possible reversal off the Jupitor price line 655 level but mindful that breakout could start there as I suspect a lot of Futures traders are short from that level. We could be forming a small pennant on the daily chart so we could just be range bound today. Today's close may be important as it could complete the possible pennant formation, that may set up for a possible gap up or down on Here is the astro, astro2 5 minute, hourly, hourly2, daily Trix, and the 3vol bar chart.

Well cumulative intraday volume may have found support again This indicator has kept me from shorting the OEX during this current rally(been punished enough with my stock picks but DAL and LU may yet cash in). I am not going to try and pick a top here. We may have seen the breakout yesterday that the following indicators were possibly suggesting: cumulative daily volume and MAJ. I think Travis caught a good short entry on an intraday e-mail update. Volume has clearly been the defining force for this rocket ride. Cumulative breadth is at interesting juncture. It is jammed against a falling average. If breadth expands this rally might just be in its infancy otherwise we stall here. VIX is dead neutral and bond yields are still sitting on the fence. I would look to the Gann line at the 658 level for a short entry. It looks like the Gann line at the 648 level the I alluded to yesterday may have now become support.

We have an interesting setup this morning with the intraday intraday indicators, and MAJ on the daily chart at a possible breakout level or a possible turning point. The astro charts maybe indicating the 652 level for a good short entry point. CCI on the hourly looks to be setup almost exactly as the previous selloff if we do indeed rally from here. This Gann line at the 648 level on the 15 minute chart looks interesting as it has so far turned back all rallies. Cumulative daily volume(working some of my end of day into my RT systems) right at support where we can get another launch to the upside or we plunge. I would be looking for a VIX reading of 23 to enter a short. You can never rule out further sideways after a possible quick rally. I am sitting this one out. To make this even more interesting, bonds are still at a make or break point. Look for a e-mail update if I change my mind. Here is intraday cumulative volume which is still holding up for the bulls. Here is the astro, astro2 5 minute, hourly, hourly2, daily Trix, and the 3vol bar chart.

I need to move to Australia with the hours I keep. Sorry I couldn't stay up. Well the Mercury price line is going retrograde here and the Mars price line held. VIX is also near recent lows but the market doesn't want to go down yet it seems. Cumulative volume is very close to establishing a down trend but it bounced off support. I have no trade recommendation today. The only option that would have made some decent coin where the OEYOJs, but you would have had to be almost perfect in your entry. TEF is going to break one way or the other here. I am betting with puts which may still have a chance, March 130s. Cheap play and you get some Brazil in it. My intraday indicators aren't ideally lined up to recommend a short today if we gap on the open. A clue to market direction may be a test of the marked trend line. If yields rally strongly off that line we may see a quick drop in the market. Here is the astro, astro2 5 minute, hourly, hourly2, daily Trix, and the 3vol bar chart.

Well, we got good a short entry point in the morning e-mail update, but we got no real follow through to the downside as cumulative volume started to turn as per another e-mail update, closing out the positon. I pretty well trade off volume charts intraday when I am trading. Couldn't pull the trigger on the longside with RSI indicating a sharp drop could come at any time. If breadth had improved along with volume we could well have had another 200+ up day. Not sure if I am going to get up in time for the open, but look for the 645 -647 area to enter a short unless we blow through it on the open. I will be trading the 2 weekers if I get up in time otherwise trade the Aprils with 658 as a stop. Only trade near the money or at the money puts. The trend line on the hourly happens to match Jim's projected a high of 655. Here is the astro, astro2 5 minute, hourly, hourly2, daily Trix, and the 3vol bar chart.

For reference, I have added the MAJ hourly chart to the index page as moves that used to take days now seem to happen in a matter of hours, 645 -647 may be the ideal short entry point for a day trade marked by the upper channel and the Mars price line. The five minute chart is suggesting any gap open maybe a good point as well. Not a forecast, but we could see a double top on the five minute chart after a quick retrace if we gap. That may also be the ideal spot if we gap. Look for an e-mail update. The US dollar looks to be peaking here, if a Gann line is any indication, at the same time the DOW is making new highs and Mercury is going retrograde on the 10th. Was hoping the market would have been dropping into the 10th as those stock put recommendations could have paid off big time after the 10th. Here is the astro, astro2 5 minute, hourly, hourly2, daily Trix, and the 3vol bar chart.

I could basically echo Jim's comments today. The upper channel on this hourly chart is at 645. I will be looking to go aggressively short at that level the way I see my indicators lining up right now if we continue to rally from here. I think anywhere from the 627 to the 632 level is good entry point for a short trade today the way I see my the intraday indicators lining up as well as the astro charts. I think we could start selling right off the open though if the MAJ on the hourly is any indication. Otherwise it could be shaping up to be a day like Thursday. MAJ may stay above the upper band. The the 30 and 50 day may cross right here if we give up all of yeterday's gains cofirming the trend is down. 150 day cumualtive volume is now bumping against the falling avergaes. I was going to add one more short position but I thought it best to see what kind of market action we get today as three minute cumulative volume ( the 3 minute seems to give a better reading, I use the 30, 50, and 150)was looking bullish into the close.Here is the astro, astro2 5 minute, hourly, hourly2, daily Trix, and the 3vol bar chart.

615 was a good short entry point. We managed to tag the 608 level and then some. The close was right on the trendline and bond yields closed on the highs. One minute cumulative volume lacked direction all day. We can move very easily in either direction from here so I am not going to make any forecast today because I don't know. Hourly RSI may be indicating the start of a move up here, and daily trix may go on a buy today. Cumulative volume is still holding at the 150 day. I think we will get a big down day if that 150 day breaks, so I still favor the short side on rallies. The problem I have for recommending a short here is we could get an explosive short covering rally especially if yields have peaked. I will send an e-mail if I enter a trade today. Here is the 5 minute, hourly, hourly2, daily Trix, and the 3vol bar chart.

That was a good call today Travis . Your e-mail update coincided with cumulative one minute volume breaking down. The five minute was also breaking down. One minute volume is suggesting traders should be looking to buy puts on any rally attempt today. Look to 616-615 level on the 15 minute chart. That level is also marked by the new green trendline on the hourly. It looks to be major resistance. I am still bearish and only playing the short side. It is very rare to see a pennant formation on the weekly chart. A selloff to the 590 level ( the price channel shifted upwards)on the OEX is not out of the question at any time. Look for the trading range to possibly become even more narrow as this pennant completes on the weekly. I suspect any breakout to the upside will be a fake one and may reach a possible channel at the 632 level. Intraday indicators are oversold. If you are bottom fishing and looking for a long entry point. Look to the light blue trend line at 608 but you can't ignore the darker one at 604. The lower VB bands have yet to be tagged. Your playing with the 150 day cumulative average. Here is the 5 minute, hourly, hourly2, daily Trix, and the 3vol bar chart.

I don't want subscribers to think I am nuts by loading on so many puts expiring this month. It is a small percentage of my trading capital and I bet accordingly. Sometimes I think it a better to pay 1-2 dollars for an option rather than paying five or six bucks for the extra time premium. So far the trendline I drew yesterday, is providing resistance on the 15 minute chart. Cumulative 1 minute volume, is having trouble trying to establish an uptrend by bumping up against the following averages. The volume/breadth bands have yet to reach an ideal extreme. The trendline on the bondspread indicator was tagged and provided a nice bounce for the bulls. Did you notice we just barely closed above the 50 day. I think we either get a killer rally starting from RSI diverging on the hourly( I think it may be what Jim is alluding to)or we start selling off rather sharply right from the open. I think a clean break of the lower Gann line at 608 will start us on a downward spiral. I am happy to sit on puts for the next couple of weeks. There could be a few more days left for Internet stocks. Here is the 5 minute, hourly, hourly2, daily Trix, and the 3vol bar chart. Here are some sentiment numbers for the bulls.

We closed right at the weekly short term averages. I don't have any ideal trade setup for the open. The DOW system went on a buy the other ones are still on sells. I want to take you short again but intraday indicators aren't showing an ideal setup.. I would be looking to buy cheap out of the money puts, a couple of month out, on TEF, GM, RNWK, and maybe even YHOO on any possible rallies this week. Maybe even one March strike. Will e-mail if I buy some puts today. The astro chart show 627 as a possible short entry point while there is a new parallel trendline right at 620-621 for the open. 625 on this 15 minute may also be a good short entry point . Tough call, if I get up early enough I will send an e-mail. Here is the 5 minute, hourly, hourly2, daily Trix, and the 3vol bar chart.

All of my trading systems that are found on the index page, are now on sells . I am almost tempted to just recommend buying the OEX March 600 puts at market ,as there is a better than average chance they will be trading at 40 dollars by expiration. Short term averages on the weekly chart are converging here at the same time the OEX is testing the 50 day. The lower price channel is at 560. Daily cumulative breadth is starting on a steeper downward slope. All we need is daily cumulative volume to break the 150 day. The astro chart surprised me with another white bar for Monday. Don't ask me if it will be a high or a low. One minute cumulative volume is just barely holding above the averages. My intraday indicators are mixed. My best guess for an ideal short entry point maybe the falling 18 bar average on the hourly chart. Daily Trix is still on a sell and the ratio oscillator went on a sell. The best I think the bulls can hope for is a reversal off the Trix zero line and we go sideways for another week before the real selling starts. Of couse a bond market rally could throw my bearish scenario into the dumper but the setup is there for speculators. Here is the five minute, the other houlry, 3 vol. bar and the other 15 minute chart.

Sorry for not being as aggressive as I should have been for going short at the 642 level but I did provide a good road map with the hourly. Today is another matter. We should rally here off the 20 day, and I wouldn't be surprised if we make up all of yesterdays losses. Not to trying to make an unbelievable call, but this market is trading off the bond market currently so anything is possible with this market right now. Hit and run as the cycle section said earlier this week. I refer to bonds on the live chart. The 633 level is a Gann hit on the daily but bonds are key so I am little leery of making a short recommendation at that level. A crash is a real possibility in March, especially if cumulative daily volume drops below the 150 day. The astro shows 609 as support, but a close above the 626 Jupiter price line suggest a reversal to the upside. I am still holding INTC calls as the Nasdaq still looks bullish to me and it may keep the OEX from sharply falling here. The FTSE, I think also made a record high yesterday. I am fearful of playing the longe side on the OEX still. I see no ideal trade setup today. Here is the five minute, hourly, 3vol. bar, and Trix daily. One minute cumulative volume hasn't completely broken down.

I could basically repeat my commentary from yesterday. We got a very tradable drop from the 637 level if you took trade. I added one more trendline to the hourly chart. It lines up nicely with the upper channel line at the 642 level. So far this has been a rather weak bounce for daily cumulative volume off the 150 day. The ratio oscillator is still on a buy, but fast approaching the 75 level where previous reversals have occurred. One minute cumulative volume is barely holding above the averages so we could get a reversal any time here to the downside or a continued rally off the averages. The blue line is the 4 day average. Bulls should be looking to that level as a posible entry point for a day trade. I would be looking to leg in a few puts at the 642 level, ten points out of the money, but only if that level is tagged before 12:00 p.m. eastern time, as some intraday indicators would become overbought. My thoughts are we may top out over the next few days but we may overshoot the 642 level and perhaps tag the 645 level which also marks the upper weekly Gann line. Trix on the hourly is right at the zero line where you can get a quick reversal to the upside. The Bollinger bands on the OEX hourly, and the DOW hourly are doing the Travis pinch. I am only holding calls from my INTC recommendation from last week. That is my only long play. I am only interested in playing the short side on the OEX right now from these levels. MACD is close to giving a sell on the hourly and the DOW system has given a sell. Trix on the daily hasn't moved up in a straight line and is starting to curl. It may be prudent to wait for the crossover if we are in a wave 3 here. Here is the five minute and the 3 vol. bar chart.

Well today's action certainly indicated the upper trendline test was successful on the 15 minute chart. We also broke out off the pennant formation on this hourly chart. TRIX is on a sell trend on the hourly and RSI is also maxed out. I suspect we may just get a shallow pullback as TRIX on the daily is on a buy trend. If we get more than a shallow pullback, I would be looking to the 628 level on the hourly. I would entertain a day trade at the 641 level if we gap up to that level near the open. We may only get a gap to the 637 level if even that, as the 3vol. bar chart is maxed out, it is very hard to judge. The 642 level also marks the upper Fib zone plus we have a Mars line right at the 642 level . We may not get any more than a few points on the downside especially if one minute cumulative vol. continues to rocket from here. Here is the five minute chart. VIX has tagged the lower SEB band where good sells can start. I think we do have enough momentum to stay afloat for at least a few more days if daily TRIX is any indication.

I must echo the commentary in the cycle section. The OEX is seems to be following the bond market intraday. How much longer will this last? This hourly chart, I think illustrates perfectly the current trading range . We are appear to be trying to resolve a pennant formation within the current ranges. Some of my trendlines are pointing to the 615 level as support. This 15 minute chart shows that we have broken out and possibly successfully tested the upper trendline. I am currently looking to the 627 level as a possible short entry point if VIX cotinues to drop here. Possible ranges for the OEX today maybe the 615- 622 level on the five minute chart. Use the 5 period rsi on a 15 minute chart to set up trades as two weekly cycles start to do battle here with an eye on the 50 day average which could start the ball rolling on the downside. I will update via e-mail if I am trading today. Here is the hourly and the 3 vol. bar chart.

Wasn't sure if you went long on the tag of the 610 level as the OEX made a reversal just off it ,but not up through the 610 level. Anyway, we never closed above the 619 ER average. Twice we have tested the 50 day and it has held. I think it will be too much to hope for, for it to hold a third time. Playing the break seems to be the best bet I think, if we start to head down sharply today, with some March puts. Cumulative 15 minute volume just had one more average to go through near the close. That upper average has been the most the market has been able to manage intraday before reversing recently. Cumulative 1 minute volume has been slowly rising and looks poised to breakout here . Hourly RSI, Trix and the 3 vol. bar chart all look neutral, and we are sitting at quite a few averages that are providing resistance but could just as easily fuel a powerful breakout if they get taken out intraday. The OEX is right in the middle of the Fib channel with ratio oscillator leveling out. This Gann line, lines up with the tops on the 15 minute chart perfectly. The 622 level may be the ideal spot to go short, but the setup looks too perfect. If this is a failure here with Master11, it could lead to a sharp selloff. Going into the open, I see no ideal trade setup. Look for a possible e-mail update.

INX appears to be forming a RSI divergent low, whether that translates into a sharp two day rally for Internet stocks, remains to be seen, but I will be looking to pick up some Amazon 100 calls for February (YZZBT) if I can get them for under two bucks today. No stops for this speculation. Intel looks to be set up for a rocket ride also. INQBFs for this speculation also. The Mar 135 calls may also be a good speculation. Of course if we start crashing near the open I am not going to try these trades . MAJ is at the lower band where rallies can start. The volume/breadth bands are neutral. Cumulative daily volume is right at the 150 day and the hourly RSI is near oversold as are other intraday indicators. A close above the 13 day Elder Ray average currently at 619, may indicate the start of a rally the lasts for longer than a day. Note also the NYSE is also hugging the 50 day. This market has had plenty of opportunity to break to the downside. Maybe it will happen over the next two days, but I think this lower trendline on hourly at 607-608 should tell us. If the OEX can tag it and rally strongly off the line we should be setup for further rally and I would be looking at the March 630 calls. The ratio oscillator has turned up, Master11 is coming out of the buy zone, and TRIX on the daily chart is just under the zero level. I am leery of a whipsaw but these indicators seem to be indicating we are near a low. Just to confuse you some more, there is astro line support also at 605. This astro line at 610 has signaled previous reversals. Look for a move down and back up through the 610 level to signal that reversal. I will post by e-mail if I am going to try the long side today and I get up in time. Here is the 3 vol bar and the five minute.

This is the chart I was looking at when I closed my short position before the close in the e-mail I sent. The averages may still need some refining or it could be the one hour of missing data. I was holding crash puts, but any rally on the open would have killed the 2 day premium. Game plan for today? I don't have one. Right now this is still looking like a sideways correction to me and I think the Fed will lower rates again. If the Fed does lower rates in the coming weeks and the market doesn't respond to the upside, we could see 8000 before 10,000. Cumulative daily volume does seem to be holding up so far. We may continue to get this controlled crash for a few more days. The astro chart surprised me today with the wide white bar on the side appearing. It is indicating a possible low for Sunday. So we could make a low on Friday or Monday if I understand this program. The ratio oscillator may be starting to turn here as well. If you are looking for a possible short entry point for today, look to the 615 level after a possible bounce from the 610 level if Globex holds up. It is easy to get burned with these premium levels so the best plan may be to stand aside. Not sure if I will be trading today. I am sure Bob may provide an update if he sees a trade developing off the Moontide and of course Travis. So far the lag time seems to be about a minute with intraday updates. I don't think we will be charging extra for this service as I don't think any of us wants to be married to the computer screen every day. This is just a bonus. Here is the hourly and 3 vol bar chart.

So we closed right on the 4 day moving average. Now what? Well as I stated in the e-mail if cumulative volume takes a run at the falling lower average it could lead to a substantial one day selloff. This 15 minute chart, I think paints the best picture for today. The 625 level seems to be serious resistance right now as it does as on the 5 minute chart. The question in my mind, will the OEX even be able to tag the 625 level. If the OEX can strongly rally through the 618 level we may get a shot at the 625 level. I will be looking for CMO on the 3 vol. bar chart to possibly make another top either today or tomorrow, if we do get an explosion on the open. My guess for the open is the OEX may tag one of the falling averages around the 618-620 level this morning and then try and test the lower trendline. I doubt if I will be playing the long side though off the lower trendline. A break there will break some daily Gann lines and the next one is at the 590 level. Here is the hourly chart. If had to pick a spot for a likely bounce, I would look to the 606 trendline on the bondspread chart.

If you did not receive the following test e-mail on Saturday, that means I do not have your correct e-mail address, please forward your current one, thank you.

Rambling and more testing. We can provide gifs as attachemnets but I think this should work. If we attach gif files, the e-mail server will slow down and delay e-mails. The altertantive is to get our own e-mail server But the cost is currently prohibitive . Rick    
Assuming the pattern repeats . Remember during the last plunge you where making those great calls. Well the VB (http://www.oextrader.com/secure/gif) are lining up the same way. Also a break of the cumulative volume (http://www.oextrader.com/secure/gif) can lead to a substantial one day drop. Exact same pattern. I don't how good your lunar cycle is though but I am leery of the long side. GM and MU should continue to plunge. Rick

travis jordan wrote:

> Crash this Wednesday? How do you figure? TJ

Well the setup was there for a short on the open with Adlinev45 coming of a tag of the falling averages. Sometimes these setups can be highly profitable. It would been nice if every trade worked out. As for today, one minute cumulative volume is still rising(experimenting with different averages). The volume/breadth bands still haven't turned up from an oversold level. This rally may have legs until Monday- early Tuesday. The OEX 4 day moving average should contain any pullbacks. The 3 vol. bar chart is suggesting some consolidation this morning . I made a major mistake yesterday by ignoring VIX. Here is the hourly chart. Look for a possible update an hour before the close. I am still waiting on the programmer to finish the e-mail program.

9:48 am Pacific. Hope you caught Travis's update. Cumulative volume is looking strong. I think we may just consolidate here for a few hours as some indicators are ovebought. 627 may be the upper end of a range today and 615 a possible low.

The powers that be decided not to feed me volume data for an hour after the open. So I can't trust where the averages are. Adlinev45 is suggesting yesterday's rally was a one stock wonder(IBM). The volume/breadth bands fully support what Travis is suggesting. Dare I say it? _____! The lower Fib channels below 600 are not an unreasonable expectation. The market still has falling short term averages to contend with. The 615 level marks where one short term average has turned back any recent advances as does the marked trendline. 3 vol. bar CMO is having trouble getting above the middle zone. A trendline on the hourly is suggesting we may drop right on the open as Travis has suggested. 613.41, if broken to the upside, look for the 615 level to go short. Speculators can try the Feb 600 puts at which ever level you pick, otherwise stick with the March puts in case we are dead wrong. If the 30 year yields can halt at the 200 day, we could get fireworks. Right now the break of the falling trendline is what traders may be spooked about. Check back 3 hours before the close for an update.

I jumped the gun on one minute cumulative volume, all it could it do was tag the falling average. E-mail updates would have helped in the regard. It is still plunging. The DOW trading system gave a buy signal yesterday. It can be a day or two early. I am not going to venture as to what the OEX will do tomorrow. The OEX closed right on the 50 day. So we are yet at another break it or make it level on another index. I have added slow stochastics to the bondspread chart. It can be quite accurate at marking bottoms, if we get a rally for a day it maybe a shorting opportunity. This Gann line has marked recent support on the OEX, it is now at 604. Look for a possible update 2 hours before the close. Here is the five minute, hourly and the 3 vol. bar charts.

1:00 pm Pacific: Traders that went long should have been stopped out.
11:22 am Pacific. I am long at the money calls. Using the ES99H low as a stop. Cumulative volume is slowly rising, check back at the close.
7:31 am Pacific: Cumulative one minute volume looks to be looking to take out the lows. Not going to chase it. VIX is already high. Check back 90 minutes before the close.

Wow, has surfing the web ever been slow the last couple of days, just order the Victoria Secrets catalog. Now, for our other lady friend who doesn't seem to want to reveal anything, are we finally going to get a significant break. The volume/breadth indicators are at their lower bands, so we are somewhat oversold. However, at significant market turning points, this is where the bands should be for the start of some serious downside. On the bullish side we have the modified McClellan giving a reading of -115. No significant selloff since 86(didn’t check any further)has started from a tag of this level. The bondspread indicator is also at a possible reversal level. So their is plenty of bullish indication for the other sections postures. The problem I have is some of my intraday indicators are not very supportive of a break-out today, maybe near the close. Their is also a lot of moving average resistance and trendline resistance just above these levels up to 629. Yesterday's buy and sell points worked quite nicely. Today, the astro chart is right at another possible reversal point. If the OEX can't even rally above yesterday's high of 623.35 and closes below the 623 Jupiter price line we may have another reversal. The averages on the 30 minute support this, just as they support a possible breakout to the upside. One minute cumulative volume is rather anemic as is adline45. The 629 level is major resistance on the 3 vol bar chart, and is where I will be looking to go short today if not on the open. Look for breadth to be very negative right after the open. I will post 30 minutes or 60 minutes after the open so you may want to wait.

I chickened out on the close, mainly due to the hourly rsi chart, as well as the 3 vol. bar chart, and not getting an ideal entry point. The 30 minute cycle looks to be bottoming this morning. We could be on the verge of a very sharp decline, if we get a break and close below the 50 day(585.35) on the NYSE . The 50 day is at 605 on the OEX, CCI is also below zero. I am not sure if we will even get a rally today. My intraday indicators are conflicting with the daily ones. I am tempted to go short at 622, so look for a put entry there before my intraday update, but if the OEX rallies through that price point quickly, I would hold off on going short. Check in around 2 hours after the open, I may see a trade setup. I don't see one this morning other than the 622 level(falling averages). If Friday's lows hold at 613.45 and the OEX rallies back above 615.50 that would signal a possible reversal on this astro chart. Amway Japan (AJL) may be an interesting way to play the Japanese stock market instead of buying a mutual fund. It is currently trading near it's lows. If there is no update 2 hours or so after the open look for one 2 hours before the close, maybe, not sure if I will be trading today.

1:00 pm Pacific: Close out shorts, cumulative volume made a new low but time premium is my concern. Have a great weekend!
12: 41pm Pacific: Check back at the close, too close to call.
11:30 am Pacific: Use 623 as a stop. Check back 15 minutes before the close.

My programmer is working on the program for e-mail intraday updates. Maybe next week we will have it up an running, but don't hold me to it. Cumulative one minute volume is still tracking down, all it can manage so far are moves back up to the falling averages. Do we go into a trading range from here or do we continue plunging? We may finally have a clean break of the lower trend line as well as a break of 13 day ER moving average on daily. I think the best the bulls can hope for, is maybe a rally back up to the break at the 630 level, alternatively the OEX may only manage a rally back up to the Gann line break at 627 before maybe resuming it's downward course. Cumulative daily volume is right back at support and cumulative daily breadth hasn't made a vertical drop comparable to the start of other major declines. GE is rumored to be buying a stake in Lycos, so there may still be some bullish background noise to keep sellers at bay. CCI also has yet to break below the zero line. I am staying short until one minute cumulative volume starts to look bullish. We are right at Jupiter price line support which has supported this market for the last five days. The NDX is also right at support. Here is the hourly , 3 vol. bar and the 5 minute chart. I will make a post 90 minutes before the close.

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