Thursday, July 22, 2010

About To Puke Up A Lung (Or Two)?

UPDATE- $DJUSFN H&S? you tell me. Nice 200ma resistance just above in case the PPT gets a little to giddy.

Manipulation at it's finest. The PPT decided to take the low volume AH action to step in and stomp the Bernanke testimony with some "unusual" market action, throw the unemployment report under the bus and squash some bad housing news all in one massive ramp. BRILLIANT!. They are throwing the kitchen sink at it now.

What have they done to the charts? I suggest you start with my 1m SPX HERE and scroll thru to the 60m. The divergences are kinda sick.

I am not ruling out by any means a run to the 1111 area, but the path to get there may not be as easy as the 27 point ramp was this morning.

Look out is all I am saying. I am not short yet, but expect to be soon. I have reservations on where the dailys are and their possible topping scenarios. It is possible we get one more pop up and on that pop the top for a while may be set. Be patient, let the trade come to you, always use stops and may the force be with you. Fighting the dark side is never a good idea. They have powers that are uncomprehendable.

“Fear is the path to the dark side. Fear leads to anger. Anger leads to hate. Hate leads to suffering.” MAn was Yoda good.