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  1. phil

    Good morning! 

    Well, that sell-off didn't last long, did it?

    Looks like it's going to be one of those days when we roll our shorts higher into the weekend in preparation for more buying (to balance us more bullish) next week – as we'll need to back to playing long if this thing continues next week.

    They're spinning the jobs number as being all hurricane.  Leisure/Hospitality was down 111,000 but it's always down in Sept, after summer ends.  Hard to say how much of that is really the storm.  In May we had 11.7M employed and now it's 11,655M so a bit less but April was 11,641M – so there's more people working after the summer than before but nor more than during, when we peaked at 11.759.  

    TEVA/Seer – Hopefully that was ALL the bad news now done with. 

    Big Chart – Time for a bigger chart already!  The RUT is actually pausing right at the 5% line but no pullback yet but it's a very good sign when you see the 5% Rule being obeyed like that (it means we can play the prediction game).  1,440 to 1,512 is 72 points so 14-point down 1,498 and 15 below that is 1,483 – those are the retrace lines to watch and no luck so far – even on the morning dip. 

    Still, we keep getting those 5-point drops from 1,515 and that helps a lot if you are scaling in and out.

    DINO/StJ – Well, it was a nice 240-year run.

    FEMA thing is really scary and the press is scared to go at him because he is willing to attack them and he is vindictive and he will use the powers of his office against them.  You're only a "nation of laws" if the people at the top enforce them.  We are way off the rails here…

    Scale/StJ – Yes, it's a good chart but they blew the scale big-time. 

    GM/Baron – People are extrapolating post-hurricane car purchases out a lot farther than they should.  

    GM/Albo – WOW!  

    Oil/Streth – Not now it isn't.  /RB might be good for a bounce at $1.55 if it hits it but /CL not really until $48.50 – too dangerous between there and $50 if you missed the short entry (on failing the strong bounce at $51). 

    Smooch/Naybob – I'll settle for a high five, thanks.  kiss





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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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