PIVOTS

If your not a big believer in Pivot Points, today is not your day as they kind of acted in an uncanny way.

The YM opened lower, steadily climbing throughout the morning to the Pivot of 11,915, immediately reversed and sold down to the second level of support at 11,865 on the GM news and then steadily climbed again to the 11,915 pivot area before turning tail again. Also check the action at the first level of support, 11,893.

The NAZ internals climbed steadily from their opening lows and eventually made it to break even giving plenty of folks a clue that the markets wanted to try to climb back.

GS has been green most of the day while C MER and MS have been slightly lower (pink) and also gave the clue that the market was going to try and snap back.

My trade (ugh) was to short the DJIA Futures in the morning on the heels of the lousy internals. Stop out- and then long near the pivot as the market seemed to want to go higher. Wrong, stop out on the GM news, thanks Kirk. Not so bad as its been a great week and I did buy the NAZ Futures on the afternoon dip and sold them near the 1,705 high.