Friday, March 19, 2010

Morning Post

OK, quadruple opex, I did not have to move the fibs up this morning, an actual red candle and tournament upsets galore, what's next? Well, one thing I can guarantee is more tournament upsets. Congrats to Incarnate for the early lead. He has a tight pack behind him and another day of first round excitement ahead. One thing I can not guarantee is where the markets will go today.

My gut is a little overactive and I really think it falls after 10:30 or Monday. I bring you the Daily chart here. Unless the RSI is going to continue the ascent of Everest, it will crack the support lines and that should signal the turn is in. As with Everest, the higher you go the less oxygen you have. Sadly they allow supplemental oxygen to assist at higher altitudes and the Fed and the GS bots are more than willing to give that assist.

SPX Daily - This chart is SCREAMING turn. The only issue is there are no divergences. It is possible you may have to remain patient another day or two, but I don't think so.

Good luck today. This post is lacking cause I expect some action, I'm still at home screwing around and I plan on doing more timely posts when and if anything significant occurs. Enjoy the NCAA tournament and have a great weekend. I also have to give a shout out to Little Shanky for going 3 for 3 and making the last out in his first baseball game of the year last night. A 14-2 mercy rule victory. Now can the bears get a mercy rune on this market?