Opening Play for Tuesday 11/11

11-10-2014 10-41-55 PM

Good Morning Traders!

The main play on Monday was the Russel 120 minute bull flag.  The market was able to close above the previous 120 minute swing high, and how all eyes will be watching the levels marked off on the chart above.

New all time highs in the Russel before year end?  Maybe this is what it will take to see some low  put call ratio readings.

Usually, multiple days of readings in the low 50 are needed before a top is seen.  Easy to see on Bernie Schaeffer’s link the actual readings as well as the moving average of these.

In the meantime, Nobody is talking about it but look how close MSFT is now to its all time high – a remarkable spike climax  in 2000. …

The Naz shows multiple days of price bar overlap on the chart above.  The market has been correcting its overbought readings by slightly higher highs and higher lows – “positive consolidation”.

Low crude prices continue to fuel transports such as airlines and truckers. Nat Gas hat a steady trend down after a large gap opening on Sunday evening.  Even though there is a pinball Buy, and the market can react up a bit off Monday’s liquidation break, respect this market if it drops back into the prior trading range.

The Yen remains the weakest market on the board and is expected to take out its 20 day lows.

Have a great day!



Tradesheet from Snagit

Markets in BO Mode:
BOs from snagit