9:20 AM - I do not see the market making huge jumps upwards at this point. I do believe we are in a bull market for now, and the overall movements will be up, with higher highs and higher lows, but still not straight up. SPY is at the top of it's daily BB, and on Friday could not extend it's price upwards through the top of the hourly BB. There is not a lot of big news today to influence the market one way or the other, so I suspect charts will dominate. 

$NYMO (the McClellan Oscillator) also is very close to the top of it's BB.  Usually when this happens, money flow dries up from the market for a few days, which reduces short term demand and drops prices. This happened Sept 14th at the market top but then it happened again Nov 20th, which resulted in some consolidation followed by more buying. Really this suggests the two things that I foresee happening in the market now. A drop to maybe the 20 day EMA around mid 143's or choppiness/consolidation over a few days time. 

$VIX is in the upper 13's and nearing it's lower BB. This is probably the most bearish thing I can think of right now. It is possible for it to go to 13 even, but there is little upside in this and considerable downside.

Again, I am looking for new buy points, and do believe the overall tract of the market is upwards. I believe this will last several weeks, but as the debt ceiling approaches, we will get more cautious then.

Lastly, today I am starting a futures trading account. I will not be posting all my trades, until I have good experience on it and feel that I would provide sound advice, but I am excited to be starting this.



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