The first and important thing is at least, going into the first day of the week, you're down almost a half a percent in the market you can see. But you're still staying well bid over everything. When we look at the chart action, actually for the past two and a half days or two and a quarter days, the market has been backing off. The room in the market is you've got higher lows, higher highs on the swing line.
I say that the markets should have, I don't know if it will, but should have great support around $2616. I look at the market and it ran; we call that the Gorilla Glue Trade, it began all the way back here. And every day, the market was hitting the way up, and then it started rolling away from this on Friday; today you had followed through. The British pound has got a pattern like this, you might want to look at that.
If we step back to the close today, which is here. You can see that the number closed, it's $78.96 the red number, that's under $79. I think the pros came out of the market today, looking to see if the market can slip further down. Down would be to wherever the 18-day average comes in before the market goes back up here, or both numbers re-embed by the red line. Obviously, having to get back over 80, which you would need a big rally in the morning and afternoon to do that.
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LINN & Associates
Over the past 35-years Ira Epstein has developed a reputation for providing clients with easy to use technology and teaching good old fashioned trading know-how. A number of our brokers have over 30-years trading experience. No matter how technology changes the methods of entering orders, there's no replacement for having "been there and done that before". It's the blend of services that brings things together.
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Ira began in the futures markets in 1969. Over the years he worked his way up, starting from the ground up as a "floor runner" culminating with his becoming a Floor Trader. In the mid 1970s Ira decided to make a career shift within the industry to develop both retail and commercial based clientele. His customer base grew to the point whereby in 1984 he founded "Ira Epstein & Company", a trading firm specializing in retail, commercial and self-directed discount futures trading. Along the way Ira became a leader in trading technology out of necessity, due to increased small lot trade volume. He was among the first to embrace the Internet, which as you know has dramatically changed both the way information is delivered and how trading takes place today.
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