Tony Caldaro -

" The updated count, as noted yesterday, suggests the SPX is in Major C of Primary IV. Major A having occurred in July at SPX 2044, and Major B also in July at SPX 2133. Support for Major C should occur between the OEW 1828-1841-1869 pivots. Thus far it appears Intermediate A declined to SPX 2052, Int. B rallied to SPX 2103, and Int. C is still underway. Within Int. C we are counting Monday’s SPX 1867 low as Minor A, and the rally to SPX 1954 as Minor B, with Minor C already retesting the lows. Once Minor C concludes it should end Primary wave IV. Short term support is at the 1841 and 1828 pivots, with resistance at the 1869 and 1901 pivots. Short term momentum only managed to get back to neutral then ended the day quite oversold. Best to your trading!"

Now thathas my attention! Thank you for pointing it out. Similarly, the DOW has not had seven straight down days since August of 2011. We've had six so far. If we close down tomorrow, might be a great time to initiate a position - small, with a wider stop.

Matt, if you can, please take a moment to talk about targets and stops. No system trade is complete without them! I would love to hear how you yourself actually set price targets and set/move stops when entering based on the NYMO trigger. Thanks!

So, 1. what are your thoughts regarding the strength of this particular signal? What time frame do these signals usually take to play out - i.e., how long should the trade take to fully play out? I agree that it is likely that we get some chop.

Here's the chart - it's actually SPY since that's what I am trading.

SPX.

Matt, we got a 15-min chart, multiple stochastics signal this morning at 10:15. I.e., the 60, 89 and 144 stochastics all crossed above 30 simultaneously at 10:15. Would you please comment on the strength/reliability of this signal given today's action? Thanks,

Roger

SINA looks very promising here on the 60 min chart. First touched the lower trendline of the wedge, then went up to retest Friday's highs and failed. Right back down at the lower trendline. Breaking through as I type. I am already short from about 60. Stop is 61.32.

CDE looking to go from red to green here. Took a small position.

so far has come within 2 cents of 50dma. I'm out with 40 cents. (not the best entry)

inverse h/s on 5 min. maybe a back test of the 50dma? At 127.95 or so.

Steve, SVLT hit a buck this morning. Are you still holding this long term?

"Financials - hold up with banks" -   

Broke to the downside. Watching for a new setup.

Don't see too much yet, and vol patterns don't suggest climax selling. But there is a wedge on 15 min chart.

Holding shelf support for now.

SPY 5 min, flag breaking down.

small inverse H&S on SPX playing out.

Managed to watch this one and get in on the turn earlier this morning. Thanks, Steve.

OIH: a bit of a dip back into the wedge, but up and out as of this moment. Orange lines are symmetry moves. I am long.