Minis up 5 and challenging the top trendline of the bull market corrective again. Apparently the "analysts" low balled every estimate for the Wilshire 5000 and earnings season will be nearly as successful as Goldman's trading record. What we have to determine here is if this is merely a corrective and the top is in or did we simply have another corrective to the bull run and we've still got some climbing to do. Throwing rocks at giants worked in Bible stories, but in real life throwing rocks at golliaths only pisses them off, and GS might be feeling a little testy. I might expect them to ramp their trading performance over 110% and might scalp a few more pips per trade.
Earnings Calendar - AAPL and YHOO after the close. MCD, WFC and many others in the morning.
Economic Calendar -Bernanke at 11:00
Pivot Points - Know 'em
Is this a corrective or are higher highs yet to come? Will the dailys finally take over and embed the lower time frames or was this just another rip down and the next melt up is just beginning? I think we'll have the answer this week. A 100+ point fall is no big deal. We need a ripper. I'm talking 200+ points. We need something that gets the sellers off the bench and out of the closet. Bottom line is if we get some sort of 5 wave structure here to start out with a smaller B or 2 then I believe we're still in orbit and the shorties are still SOL. If the form gets a deeper B and then we get a C and not a 3 then we'll have a chance. Will we get a smaller wedge? We have to watch form here for the tell.
Blogger is not performing this am (It really is inadequate and I need to get off my butt and go .com) so no chart, but if you look here at the daily SPX chart yet again I get my MACD bear cross with a falling hist and a S Sto bear cross, but is RSI going to spoil the party by hitting the breaks at 50? I hope not. Another fake out fall? It is possible the minis can turn here this am at resistance and with the 30m and 60m indicators possibly topping. We do not have the standard gap down ramp up open today. With AAPL after earnings this afternoon should be interesting. We have to let this corrective play out that is all I can say at this time. GL!