Professor’s Comments September 18, 2013 Into the Close

Posted by OMS  at September 18th, 2013

With the Dow currently up over 100 points, I’m going to take a few bucks off the table.

My target for wave 1 up on the S&P was close to the 1720 level, and right now its trading at 1725, slightly above my target.

The market usually trades lower the day after the FOMC meeting, and I would think tomorrow would be no exception.

Also, as I mentioned several times, wave 3 up should consist of 5 waves. At some point, I believe that wave 1 up will end, and a wave 2 pullback will develop.

I believe that point is getting very close, so I’m not uncomfortable selling a few shares, given that I should have another point to enter the market, prior to wave 3 of 3 up.

Managing my money.

TWID,

h

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The Creation of Waves and Trends
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