Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Tuesday, November 1, 2011

Closing Trendline Charts Update 11/1/11

Stock Market Technical Analysis

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A nasty gap down in the markets today as we dropped from the extreme blow off top island reversal we had a couple of days ago.  Heading into the bell today however, the QQQ is set up ideally for Ben and Tim to execute one of their trademark overnight / premarket interventions.  They intervened everywhere that was necessary on the way up during the month of October but those who follow the market closely are aware that after the market has put in at least a short term peak that the interventions are sometimes hit and miss.  While I banked nicely personally on an overnight PUT hold, while I do belive that an intervention may be coming tomorrow morning, I decided it was just too risky to play a CALL betting it during tomorrow's premarket so it's all cash at the bell.  Chart set 7 is the most noteworthy.


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