Nothing tues and again nothing today. Not much even close to a play or a lean so dont expect anything later in the day.

An email:

“Hi Rick,

Do you look at Elliot Wave Theory? You seem to apply a contrarian approach, and I was wondering if you used any of the EW methods. IMO, we just finished the third wave (from the bottom in March 09), and now obviously starting a corrective phase….bought spy puts about 2 weeks ago. “

My Response:

I used to look at Elliot Wave and have MT Predictor software that automatically updates the counts and give buy and sell signals based upon the abc pattern.

I have found it to be very unreliable. The counts constantly change and are usually subject to interpretation. It is interesting to follow but the only method I have found to be useful in swing trading is the mean reversion system I am using now.

As far as your purchasing the spy puts… thoughts are that the market is going to be making new highs for most of this year probably into next april. Its not my opinion but I follow 4 different newsletters that I rely upon and they are all in agreement that this upswing will continue for awhile. Of course they can be wrong…nothing is certain. But as usual you can always find people predicting both sides up and down and you have to find someone you have found through the years to be reliable..and these 4 in my opinion are about as reliable as you can find.

Twitter: rickjsportplays

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