My read!!

Tony is pelting me about My read this morning.... Be warned... No coffee yet!!! I'm busy being Pelted by his questions.

First My read is that there is currently some Caution in the sentiment.. and as a trading model... that isn't Bearish. Read some papers this weekend about "Nervous market" "Maybe Topped"

so.. she isn't a Raging bull... Not like the Asian markets are... overnight you should hear them... They are full of Euphoria..... so... Keep an eye out there.

Typical weekly models would say "Look for the Tuesday Reversal"

Last week I called for 2 corrections then Top... We had our first on Friday... So.. one more short correction then our Swing High....

But if we use a little EWT... friday could have been wave 4 and this is wave 5.

Over night the trading range of the futures was +1 to +4, here we are at +6... so.... one may want to fade the futures, at least short term... but... I'm not sure I'm putting my money there... I say make some coffe ant wait for 30 min, see how things sort out.....

Sort of a Gap fade, then see where we go. One can also talk about this being the "Third Push"

Wed.... Thursday... and now this push.... But it could end at 11 am.