11-7-12 NQ premarket

Oscar is bearish. Accuracy = 2/4.

NASDAQ EMINI (NQU2012) September 2012
Posted: 07/11/12 03:25 OST/EST
For Trade Date: 07/11/12

Click here for Oscars latest video.

Once again for Wednesday OMNIACS, the OMNI wants to employ the “sell the rallies” approach to trading. One of my dearest mentors coming up in this business, rest his soul, Dominick Auciello taught me that when a market is dropping to “sell it until it hurts”. “Once it hurts back off from selling and observe for the rest of the day”. I say we take that advice and “sell it until it hurts”. (It hurts when a buy stop finally gets tagged).

OMNI has specific levels it will react at if the market rallies a bit from current levels (last price NQU12 = 2580.00). I will issue a Flash Update as we approach the OMNI entry area.

60min chart
==========
Market follows a sloping down channel. Now is time for market to rebound a bit before will go down again.

15min chart
=============
Range is 57 pts, thus 20pts SL is to be applied today.

We expect Market will rally slightly before downturn again.
Cautiously bearish.

Plan
====
Short @ 2630 / 2560

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