Christopher Carolan, Editor On Time Update 22 October 2004 12:45 PM ET
WAIT FOR SHORT
The 135-minute trend model went positive at 2:pm on Wedenesday at 1099.50. It had been negative from 1031.75 on October 7. I expect the market to go nowhere for the next day or so in preparation for the next down leg. We’ll short the market again when it becones apparent the 135 minute trend will signal negative once more. Some of our other indicators such as the 5-day advancing volume shown on the website and the put/call directional indicator shown here highlight a market that has used up it’s raly fuel in an effort that has only been able to boost the NASDAQ stocks while the S&P moves sideways. The set up here is for another leg down and I intend to capitalize on it once the trend model breaks down.
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