Thursday, January 10, 2008

Double Hourly CIT Watch today

From last night's T&C daily email alert:

"The Series of cycles has 2 versions for the January Low, either 1/9/08 is the Low and we rally through OE week and into Feb High or
we make a 1/10H and decline into OE weekend and then rally into Feb High. Which will it be? Both Scenarios have merit.

For clues we would need to watch the double hourly CIT on the SPX we have coming in between 11.40-12.45 and 1.50-2.55 pm. Right around 1pm tomorrow Bernanke speaks.

How important are these hourly CITs? Well there was an hourly CIT due 1/9@1.50-2.55 Hourly, the LOD arrived at 2.20 pm, right in the heart of the hourly CIT. The hourly CIT before that was 1/8@10.35-11.40 am, we had the HOD at 10.15 am, about 20 min off. Now we have 2 hourly CITs tomorrow, which makes tomorrow doubly important to watch, along with the fact that the alternative Series heads down into OE week. To support this idea, we have some tides saying the exact same thing, top out 1/10 and head down into OE week.

OTOH, we have the main series that suggested this decline in the first place, from the 12/27-31 Highs heading down into 1/8-9 Lows, and a completed C wave down on the 5 min SPX from the 12/26 Highs, we also made a potential WBOE Low, are deeply oversold and near extremes, so a strong rally is possible."

In addition, there are 5 min CITs 1/10 at: 9.55 am, 12.30 and 2.50 pm EST

It would be bearish for Option Expiration week, if the double hourly CITs today were a High and Bullish if they are Lows.

Next week is determined by today's action.

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