EARNINGS Reports continue positive and Housing flashed a surprised improvement. Well, when rates are at all time lows, positive news should kick in sooner or later.
Interestingly, the BOT System flashed buys around 8:50 AM EST across all markets, and we were at a BOT support. Signal and support: you do not have to twist my arm very much to act!. Similar to yesterday we had a a large move at the open as PA pushed toward the LB5.
Special note: to streamline terms, Long Bot Break Out (LBBO-5) will now be referred to as LB5, LB10, etc. Breaks of the Short Bot will be recorded as SB5, SB10, etc.
The market information was posted in #Chartmaster:
[09:12] <CM> 1357 to 52.75 since mid euro zone trading looking for a long bias going into us open 52.75-54.75
[09:14] <CM> 8:50 am est buy signals across mkts
[09:18] <CM> short interest at 52.25 outside the buy range
B1 offered a PB into the buy range, and the PB at B3-4 offered add-on or new longs.
[09:30] <CM> b1 pb in bullish trend
[09:35] <CM> and opening trade is completed http://screencast.com/t/g8wyjy6dMh
[09:36] <CM> http://screencast.com/t/3fUyOO1r
[09:47] <CM> long taking exits 58.75-59.75
[09:53] <CM> the pb was your opportunity for a new long..
[09:53] <CM> t=62.5
The target was set at 1362.5 for exit consideration. The LB10 was at 1364.5.
We had a 50CB TL develop off B5 that was a LB5 BO bar. That bullish TL was the support behind longs to the LB15 where PA stalled and was considered an extended run for the day.
[11:37] <CM> 80 later about maxed for today (name deleted) 1369-70 upper reach stalling here as you noted
The TL was key here. We had PA stalling at a BOT level and a TL reversal would run back to the prior level as a minimum (theory in BOTs).
[12:33] <CM> lb15 seems to be stalling and we do have signals across the mkts but I'm reading this as long exits, not shorts entering. again, the TL is the better option
[12:59] <CM> if you extend the TL pa TL and ema are about to meet.. a bo likely to pb to prior level 64.5 area :)
At the end of the day we see another buy signal at a key level that was exited at new highs.
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