PLAYING THE BIAS WITH SUPPORT & BREAK OUTS 11/1/13

Everyone has a bias, thus the bulls versus the bears battle continues and briefly will find an equilibrium point.  Last evening Support was developing and the market bias was still bullish.  The evaluation/ go with the bounce from support.  By the US Open, we had a wedge (ascending triangle type) showing favor for the bull, but certainly on the lookout for a bear surprise.

[21:12] <CM> back to the 63-53  thinking we still have another move for the bulls.  from the 10/3 blog  " A settlement will occur, and buyers will have their better price for the Q4 run into the 1700's.  We still stand by the 1734 area and now see a possibility of 1768".  we are there, and the 60-80 area is seen as the high.  a fed easing in jan + another debt show down would be good for bear season..  (chart deleted)

[21:23] <CM> 54.5 buyers will look for 57.5 to break # of ma's  would open door for 61 test

[00:06] <CM> 60m chart
[00:14] <CM> L 51.75 see what happens...

[07:43] <CM> bullish channel albeit not as strong as some would prefer.  still looking for the 57 test  (chart deleted)
[07:49] <CM> the 34m wedge with the bear fbo watch  could happen, but still have bull bias  (chart below)


Upper 50CB target, with a resistance noted around 57

Letting the opening stream work the trade...

10:15 AM EST UPDATE

50CB hit...

Now, time for the weekend.  Play safe in the street!