Christopher Carolan, Editor
On Time Update
7 October 2004 Noon ET
TOP WATCH
I continue to monitor U.S. stocks for signs of a possible important top here. The 135-minute trend chart now as a net line sell level at 1133.50 I will move to short U.S. stocks if the December S&P future trades 1133.25. Place the stop at 1143.25. Tomorrow’s opening may see extreme volatility with the release of the job numbers. Cancel the top between 8:30 and 10:30 AM tomorrow.
The overall technical picture does not fully support a market top here, unless prices reverse convincingly. In other words, a “spike top” is possible, but not a “rolling top” that takes days to form.
Crude oil has formed a range bar reversal bar to the downside on the intraday 90-minute chart. (I’ll post the chat in Calendar Threads). Aggressive traders can short here (52.50 on the November future) with a stop at the morning high 53.
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