18:16 GMT - Blog Update

I started this blog nearly 6 months ago in response to a challenge by a trading buddy to run my own blog for 6 months in return for a new laptop. Well, how could I resist, especially when he agreed to set it all up and all I needed to do was post!

Well, we're just a few trading days off the 6 month mark, but over the weekend, he, I and the rest of our small trading circle decided we'd take-off for a few weeks for some winter sun. We've spent most of today looking for the right deal.The only dates we could get to suit us all are later this week. So, my trading buddy who issued the challenge has agreed that I've done enough to win the challenge since I did alot of posts at weekends, which wasn't part of the original deal. So, I get my latptop!

As far as the blog is concerned, I've decided that 6 months worth of blogging is enough for me. I would never have started my own blog if it hadn't been for the challenge and the reward offered. I know it sounds abit mercenary, but the offer of a new laptop was the only reason I took up the challenge. So, the weekend's post was my last.

So, to all who visited, hope you found something useful. Good luck in your trading.

By the way, if anyone would like to buy an external graphics card that uses a PCMCIA card slot (found on older laptops and some PCs), I have one for sale. Its a VTBook by Villagetronic. You can read about it by clicking here.


Its a great bit of kit for adding an extra monitor, but the new laptop I'm getting only has the new express card slot which doesn't take the VTBook card  so it won't be of any use to me anymore.

I'm looking for $95 plus postage (about $20 to the US) or £65 plus postage (about £6.70). Anyone interested, please email me at gi61et at gmx dot com (obviously, replace the "at" and "dot" with the symbols). Payment by paypal only.

Thanks all.

15:28 GMT - SPX Update

With only one bearish count remaining after Friday's action, (see Chart 1 in Friday's end of day update) I thought I'd better see what other bearish possibilities might exist, especially with the bearish count I'm left with being quite close to its invalidation point at 1207.43. So, here's what I'm looking at as the alternate bearish count in the event that we exceed 1207.43:

SPX 10 min bearish alternative:

The chart shows the main count from yesterday's end of day update, but I've added the the alternate which counts 5 waves down from the high at 1127.08 to the low at 1173.

Here's the close up:

SPX 1 min - bearish alternative close up:

Its not the best looking 5 waves, with wave [4] being so much smaller than wave [2], so there isn't a nice channel for it. However, that doesn't invalidate the possibility. A better channel is produced if I count wave [4] as a more complex correction that ended just before the little dive that the market took in what I've labelled as the end of wave X. So, that low labelled X would be wave [5] on this further possibility, ending in a truncation. The move up from there would be a single zig zag rather than the double zig zag I've labelled.

For the moment, I'll go with the alternate as labelled on the chart. It won't be invalidated unless we take out the high at 1127.08.