We're watching the S&P climb towards a test of the high and discussing it in the IM-Pro chat room. My simulated account is long and profiting.
And the MIM (MrTopStep Imbalance Meter) which we designed in collaboration with the NY Stock Exchange, is showing a strong imbalance of buy orders vs. sell orders. That's a further suggestion to be long. In our testing, the MIM has been eerily accurate.
But as I wrote when we first revealed the MIM, there is no holy grail. Planning an exit and entry are just as important with a powerful tool. Especially since the move can end just as suddenly as it began. Sometimes it lasts all afternoon; sometimes it's over in a few minutes.
The last several Fridays have seen late-day pops up. Like the one that's happening as I write this. 1671 now. I'm watching carefully for a place to take profits. There are several levels I am targeting. You must find your method.
The one consistent thing we've seen for months now is this: Friday afternoons are always interesting. Watch it even if you're not trading it.
- Information Technology