Friday, August 16, 2013

Open Weekend Post 08/17-18/13

You know the drill, share the love and the knowledge.

Boy, I can't wait to see the bull/bear discussion this weekend and then see what they have in store for us Sunday night and at the open Monday AM. I'll have my popcorn ready.

Do we retrace? Do we crash? Is there enough POMO/slush funds to manage this mess anymore? Is it over or are we headed back up again on a taper OFF rumor? Will the 50dma give way? Is that their last bastion of hope or will it hold and Forward we march?

OMG so much shit going down and when something sensible and probable finally happens my brain turn to mush in disbelief! It can't happen here! AHHHHH I drank the Kool-Aide! Someone get me an antidote STAT! I actually considered BTFDing Thursday and Friday and got ZERO, ZILCH, NADA out of that whole slide, and I'm a bear!

Holy cow Batman! I need a brain transplant. Toooo .... much .... toooo... process. Must .... make .... sense...

And they close it at support after tinkering with an even more serious move south.

I'll do more charting this weekend and post what I find. Bottom line is the daily finally rolled over and shows a lot more weakness ahead.

Minis 4hr - Minis fell to just shy of the 50dma and the 38% retracement of the taper OFF climb. 38% back up from here gets us back p to 1687 and upper pink resistance. I'd personally like to see a backtest of peach, but not really. Falling from here is just fine with me as the taper OFF move could be considered that backtest. Formations are barely hanging on to their boundaries and things are close to getting a bit jumbled. That is never good as form provides direction and blazing new paths is not all that desirable (unless ur a bear of course).

Enjoy the weekend.

GL and GB!

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