Plus 851 or bust...
http://www.tsptalk.com/images/020409c.gif
I wrote more about this the other day.
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Plus 851 or bust...
http://www.tsptalk.com/images/020409c.gif
I wrote more about this the other day.
I'm looking at a break to the downside on that pennant as going to be a great fade. One of these days the boys are going to wake up and say, "Let's blow out some stops." VIX failed to make a higher high and confirmed it's downtrend today.
I'm going to be watching for the dip outside the pennant as close as I can in combination with the VIX for clues.
I agree that a rally could be churning ... after a breakdown. I think we could see things get ugly in the short-term, but I would be a buyer of that looking for a scalp trade to the upside. I am watching the MACD right now which has a positive divergence, but I hate that the put call ratios are overly bullish.
That's why I like the idea of a panic sell-off (to raise bearishness) then a snap back rally. Is that too much to ask? :)
here i feel like we are clinging onto a governmental support level...ie the market needs another 40% or so to price in reality (not the bs pe's we get fed.)
perhaps we need to seek a portfolio that would flourish with war...how ironic if lmt happens to be the hal of this obama admin ...the most liberal ever ;)
feel we ( the world ) are about to be drawn into major conflict. spent some time last night looking at comodities overall...shooting war has gotta be close folks.
http://www.youtube.com/watch?v=bOgC4...eature=related
got gold?
not to belittle the iraq and afgan ops.
but the war we will see soon will be much broader and fiercer
That sounds great to me. :bigsmile:Quote:
Originally Posted by etftalk
We have the potential to run a couple million stop loss orders on the short ETF types around SPX 855-860. The boys are going to put it on just as main street is reading the horrendous job figures.
I'm currently as bullish as I was in early March 2008 in regards to the general market. A Dow theory buy is a bit of a ways off, but I see less risk on the long side than short side at this point. For those who read the daily charts and 5 minute tickers in search of the holy grail or are just looking to make that 1-2% on an in/out trade, I think it's time to take a step back and observe the forest, not the leaves. I truly believe that a run to 1050-1100 SPX could happen by springtime. It's not going to be a straight shot and I expect chartists to get hammered along the way with whipsaws just as any chartist has been hammered in the gold sector since the November lows.
Early breakout...
http://www.tsptalk.com/images/temp/020609.gif
holding shorts selling longs into this
What do you guys think about 850 as a support level? Nice volume surge in the last few minutes there. Probably a little bit of 'Cover me at any price!!!' I think I saw 25 million shares traded in SPY on the uptick in the last minute of trading alone. That's more than some ETF's trade in a month!
I think two things: (1) It's been an important support/resistance level since last October, and (2) the market's don't care what I think! :toung:Quote:
Originally Posted by Bullitt
Lady