Action Points

I thought I would post an Intraday Update of the short term view of $SPX and $NDX . With the move today, I'm now going to be surprised if we don't test and likely exceed to most recent highs. As I've already mentioned, I think the market will push higher before it forms an intermediate term top sometime in October. I think it will ultimately top in August or September of 2010. A few of the Setups I posted last night are either at or nearing actionable levels. It's going to be tough going short anything so it's imperative to use TIGHT stops. The "easier" trades will continue to be the high volume breakouts and the long setups on pullbacks to support.

I posted a number of Short Setups to watch tomorrow that may be good for swing trades. With the exception of a couple, they are all mining related. I'm really tired and short on time so I'm not going to update the index charts. They really haven't changed from the post I made Tuesday night anyway. I still think we'll head higher into October, but it's not going to surprise me to see one more push lower in the next day or three to eliminate the weak bulls and to lure in a few more bears that have been slaughtered the past few months. Again, I'm tired so I don't know if any of this makes sense, but I think everyone gets the idea.