ORIGINAL POST:  10:00

These are the toughest times in investing — calling a top or bottom, then watching an opening that threatens to undo it. I mentioned in yesterday’s first post I was expecting a choppy next few days.  Talk about understatements…

After scalping a quick 36 points (going long Friday at 1292, selling at yesterday’s high of 1328.49) I got a little cocky and went long again at yesterday’s low of 1310 — even though it didn’t quite reach my 1309 target.

A quick glance at the 15-min chart would have convinced me to wait.   I got stopped out on the opening and am looking for a good re-entry point — probably just above 1300 from the looks of this chart.

UPDATE:  10:40 AM

This kind of choppy price action is the price the market pays for getting off to such a strong start Monday.   We just tagged the .786 retracement of the rise from the past couple of sessions — the 1300 target from above — but there’s plenty of momentum on this decline so I’ll take another look as we approach the .886 at 1296.14.

There is a potential Bat pattern under construction, though I much prefer a better-defined Point B than yesterday’s low.  From that low to the subsequent high was contained in one 15-minute bar.  Ideally, there’s more separation than that.

UPDATE:  10:55 AM

Going to take another swipe at it here at 1298 with a 1292 stop.

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This one’s for any Quarrymen fans out there…