Wednesday lower

The Hoot 
Actionable ideas for the busy trader delivered daily right up front

• Wednesday lower.
• ES pivot 1971.08.  Holding below is bearish.
• Rest of week bias lower technically.
• Monthly outlook: bias higher.
• Single stock trader: VZ not a swing trade buy.

Recap

Last night I was getting mixed messages fro the charts and therefore called Tuesday uncertain.  And hey lookee - the Dow ended up just 14 points while the SPX dropped seven.  There was really no way to call something like that.  So let's continue right on to Wednesday and see if we get some more clarity.

Unfortunately, this was yet another day when I kinda just ran out of time to do the actual writing so what you get is another famous Night Owl Lite.  All results, no blathering.  We'll resume the usual chart analysis tomorrow.

The technicals

...are skipped tonight...

Accuracy: 

Month    right  wrong  no call  conditional  batting   Dow
                                             average  points
January    8      6       4           1       0.563    627
February   6      4       5           3       0.692    183
March      7      6       5           4       0.647    976
April      3      8       7           0       0.273      1
May        6      5       5           2       0.615    581
June       8      6       3           4       0.706    552
July      10      1       5           4       0.938   1212
August    10      2       3           2       0.857   2314
September  7      4       8           1       0.667   1404
October    1      2       1           0       0.333    291

     And the winner is...

While I didn't write my usual piece about each chart tonight, I did analyze them and I'm seeing a number of decent reversal signs, and unlike last night the charts are in sufficient agreement now to call Wednesday lower.

Single Stock Trader


VX looking toppy right now.