Reversed, building long position all afternoon.

The ETF's are all pretty extended at this point. When all indices and ETF's extend, it is a fairly descent sign that the correction may very well be a reversal. IWM leads the pack, it is greater than 12% extended as of the close. The SPY comes in second, between 9 and 10%, trailling are the Q's and DIA. If more weakness should follow tomorrow, I'll be looking for the Q's and DIA to lead the drop for intra-day purposes, the IWM should be the strong-runner with the SPY a close second if we should rally. My trading partners and I were buying all afternoon and frantically into the close. A 3-4% upward move will hit our targets and stop us out.

The SPX corrected its rather large incline (20% ish) today, the exact point was marked and then broken through. When an ETF/Index resets, there is typically a bounce, after that is pure speculation (or other indices/ETFs tip you off to further movement)

I exited my SPY puts a little early today, this was mostly to establish the long position without constant monitoring of the markets. It is rather boring watching the charts all day. Typically once a trade is initiated, I'll enter all tiers and periodically glance at the charts to update the target exit. Mt order confirmations come straight to my phone via text messaging, so if I do not get a trigger for a while, I know we are heading for the exits! I can auto-program the exits, but, I am not really doing anything that pressing!

I got a chance to wanderover to the "Slope" today, appears as if the natives are restless, along with Atilla's site from what I gather. The markets appear to be doing the same ole' dance. The confusion reflected from these blog sites is puzzling. Much of it does come down to peoples search for conviction. I trade my trades successfully knowing, lack of conviction is key. PLay the variables, have a strategy under every "what if" scenario.

Tomorrow, we gap up, I exit, we gap down, I add. What if we open flat? I do nothing, add if lower lows are made, exit at my target up about 3-4%.

Have a good night!

Winace