SPI Trading 7th Dec 2007 part 4

15:57

Switched into shorts @ 6684, partial exit @ 6670 (R22 down)

Next Target 6651 (stops 6686)

Looking for R87 down move and gap completion

This entire morning analysis was based on this R87 spiral point high.

Based on sycom close, my expectation was the market would open around the r87 high and move down from this, based on the Daily system, along with gap closure @ 6642

Instead of rising 44 points today, I was looking for a down move of 44 points.

At this point of the day, I’m not sure if it’s going to continue down into the close, but 44 points down will once again match the Weekly breakout of 6647.

But probably remain above 6647 today, and depends on US markets on Friday.