Signs of a Bullish Finish for Oct
Even though futures are down -30 I’m expecting us to finish strong. Here’s why:
1) Its the last day of the month in October. Mutual funds typically report their holdings for the quarter / year on this day so they are going to wanna look really smart. In order to do that they will be selling their losers (Sprint), selling their winners that are only moderately performing (CMG last week) , and buying anything with recent breakouts and good press press (Google, Amazon, Verizon).
2) We had a pretty violent sell off on Wednesday. Thursday (reacting to ‘good’ news in the bipolar way that the market does) we recovered more than 50% and finished strong in the late afternoon session.
3) Having a gap down at the open will give us momentum to the upside to close this gap and possibly carry us forward.
4) We have penetrated and bounced off of the 21 day EMA.
Don’t get me wrong. I’m still bearish (for what that’s worth! 
) but I think we will see some upside today.
Mojo
PS – If anyone is interested I’ve been working at a charity haunted house. Come out and see me at the Unlucky Inn!
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Good thoughts. I can't wait till you are bullish! Seriously, this is a great reason why we all need to have short, intermediate an long term postures. And can't just trade the short term or the long term.
Matt