Minis - Triple bottom at 1342 or will there be worse? My call for 1341 wound up being pretty good. Now my caution at this level is proven warranted. At this time everything is pointing to 1260/70 area, and I'm not giving up on 1170 just yet.
Showing posts with label dollar chart. Show all posts
Showing posts with label dollar chart. Show all posts
Wednesday, May 9, 2012
Morning Chartapalooza II - 05/09/12 #SPX $ES #Silver #EUR/USD #Dollar #AUD/JPY
Cause you all like the Chartapaloozas so much - here we go again. I told you for weeks everything was set up to explode/implode.
Minis - Triple bottom at 1342 or will there be worse? My call for 1341 wound up being pretty good. Now my caution at this level is proven warranted. At this time everything is pointing to 1260/70 area, and I'm not giving up on 1170 just yet.
Minis - Triple bottom at 1342 or will there be worse? My call for 1341 wound up being pretty good. Now my caution at this level is proven warranted. At this time everything is pointing to 1260/70 area, and I'm not giving up on 1170 just yet.
Tuesday, April 24, 2012
Morning Market Summary and Charts 04/24/12 #SPX $ES
AAPL is all that matters today. I will do an AAPL chart post after the opening bell. Hint - E touch/overthrow of a 12 year massive giant wedge is never a good thing. The end is near.
Well, here we are. After preaching patience and weeks of earnings and waiting on the FOMC meeting, my days of reckoning have arrived. Tomorrow is a big one as well, but maybe the Fed will play their hand today.
Minis 30m - Busted pink November support was a big deal yesterday. The backtest of the more recent channel (yellow) is now complete. Can they stretch it back to 1378/80 ares for a backtest of the pink diag? This chart has all the key support and resistance points on it. Remember an even bigger deal is that lower green support diagonal which is what I am seeing as a neckline of a head and shoulders that targets the 1290 area.
Well, here we are. After preaching patience and weeks of earnings and waiting on the FOMC meeting, my days of reckoning have arrived. Tomorrow is a big one as well, but maybe the Fed will play their hand today.
Minis 30m - Busted pink November support was a big deal yesterday. The backtest of the more recent channel (yellow) is now complete. Can they stretch it back to 1378/80 ares for a backtest of the pink diag? This chart has all the key support and resistance points on it. Remember an even bigger deal is that lower green support diagonal which is what I am seeing as a neckline of a head and shoulders that targets the 1290 area.
Friday, February 26, 2010
Weekend Post - Can We Figure Out Where Gold Is Headed?
I'd like to reference figuring out gold to figuring out a woman, but I might get crucified if I take that reference any farther (hey, us guys are just as bad I know). Bottom line is I don't think you can live without either of them these days. Up, down, sideways what the heck? Impending doom and gloom and where gold is going is about all anyone can talk about. Paper gold, physical gold and even the tungsten version, which one is right for me? Russia, China, they are all buying all they can get. The IMF is selling it? Whaaaat?
I'm gonna produce several charts that I feel are relevant, but in true blog form I can't do a full dissertation. I'll also avoid the conversation surrounding manipulation (although I fully believe in price manipulation) and conspiracy theories (tungsten). So lets get on with it. I have made the charts small for length purposes, but I have included direct links to the charts they are in for better viewing.
First I think you have to take the global economic forecast into the picture. It sucks and is going to get a lot worse. Plain and simple. We are being robbed by the banks and your government is allowing this to happen (no one can refute that). Massive deflation is coming and most likely some form of global default. Sounds great right?
So how does gold (red) correlate to the dollar (blue)? A 20 year chart should do the trick (I threw in SPX (Orange) for good measure). I believe the two larger wedges identify the long term trends that are still in tact and will be for many years to come.
Given those trends and the global economic disaster we are experiencing, most are forecasting that many countries will try to deflate their currency as fast as humanly possible. What happens with the dollar may tell us where gold is eventually headed.This monthly chart says to me we are in a massive bear flag that is playing out before the big fall. It also says one of two things. 1) Either the dollar has completed an ABC here to resistance and a near 50% retracement of the last fall, or 2) it will continue to run to the upper blue TL or to the top of the pennant near 89 and then collapse. At this time I could go with either scenario.
So if the dollar continues to run, gold will....? Look at the first chart. The dollar has run recently and gold has not corrected. You could argue with gold having climbed from 258 to well over $1,000 it is slightly overbought. Yes, but this is gold and someone (????) who may have known a massive financial crisis was coming (????) just kept on buying the stuff up, up, up. So what is gold going to do? There are many scenarios from crashes to super booms above $5,000. My question becomes - Does the gold/USD correlation possibly end and a gold/SPX correlation begin? Again refer to thee first chart (and your imagination - sometimes that is necessary). Inverse to the dollar and direct to the SPX? Not that far fetched. That would be a worst case scenario for the gold bugs.
Looking at the $GOLD/$USD chart you can see the massive rising wedge that should be completed. Overbought is an understatement and room to fall is bountiful. Divergences exist. The need for a correction is overdue. Given the theme for massive global deflation to assist multiple nations from going bankrupt (here I apply my imagination again), I think the dollar is going to continue to rise as some sort of (tongue in cheek laughing) safe haven and then collapse with the rest of the world as most of the global economies default on the debt that they will never be able to afford.
Damn, Shanky? Well, that is what I think and common sense tells me this is how it will most likely play out. Big Sugar Daddy will come to the rescue initially and allow everyone to devalue to their dollars vs. the USD (you see, since we (and GS) really caused this mess we're gonna have to step up to the plate more than we already have). So USD initially go up to $89ish and then get crushed.
Here is a great link to a vid from Market Club that I liked - no, I really liked it - not kidding or it would not be here (If you liked that vid they have other market related vids - and another gold vid at this link here). Pretty subtle hugh? LOL. Hey, the charting stuff is pretty cool and easy to use - you should consider giving it a spin. And for the newbies that want to learn more about trading and market trends, try this link out. It is free. They don't think gold is going up from here either. They do some good time analysis that I do not normally cover that is well presented and worth a look. (OK - sales pitch is over, but let me know if you liked the vid in the comments)
So I am seeing a near term correction in gold, but not much. It is possible that the dollar and gold will lose their inverse relationship but not for long. With the IMF flooding the market, Russia and India have bought massive quantities near the $1015 level support should be bountiful. Gold possibly remains in a sideways to down corrective for a while. First as the market tanks for P3 the reaction will be to haul ass from everything, then the real panic buying begins. So how low does gold go before the meteoric rise? This Monthly chart of gold shows a nasty multi-year rising wedge (blue) with an even nastier wedge (red) causing a throw over of the top trendline (no - I do not think that is a breakout - it is a fakeout). The fibs and target for the red wedge are in the $961 to $909 are and the 20ma is at $953. That may sound like a lot, but the divergences (see pink boxes) in the indicators and the meteoric rise in price say it is due for a turn or at least a breather. The gold bugs need to be worried if a larger correction to the 38% fib of the whole move occurs or it corrects to the lower blue trendline near $820 (I don't think that is possible).
What do I think? It stays in the current ballpark with a $950 max floor at this time. The manipulators will not let it crash (unless they want to buy it cheaper).I think it struggles with the overall market (but not nearly as bad as the market) and when the dollar finally lets go and real panic sets in it will all be about GOLD BIATCH!
I hope you enjoyed this. Remember to check out the links to those vids and give me some feedback.
Have a great weekend.
I'm gonna produce several charts that I feel are relevant, but in true blog form I can't do a full dissertation. I'll also avoid the conversation surrounding manipulation (although I fully believe in price manipulation) and conspiracy theories (tungsten). So lets get on with it. I have made the charts small for length purposes, but I have included direct links to the charts they are in for better viewing.
First I think you have to take the global economic forecast into the picture. It sucks and is going to get a lot worse. Plain and simple. We are being robbed by the banks and your government is allowing this to happen (no one can refute that). Massive deflation is coming and most likely some form of global default. Sounds great right?
So how does gold (red) correlate to the dollar (blue)? A 20 year chart should do the trick (I threw in SPX (Orange) for good measure). I believe the two larger wedges identify the long term trends that are still in tact and will be for many years to come.
Given those trends and the global economic disaster we are experiencing, most are forecasting that many countries will try to deflate their currency as fast as humanly possible. What happens with the dollar may tell us where gold is eventually headed.This monthly chart says to me we are in a massive bear flag that is playing out before the big fall. It also says one of two things. 1) Either the dollar has completed an ABC here to resistance and a near 50% retracement of the last fall, or 2) it will continue to run to the upper blue TL or to the top of the pennant near 89 and then collapse. At this time I could go with either scenario.
So if the dollar continues to run, gold will....? Look at the first chart. The dollar has run recently and gold has not corrected. You could argue with gold having climbed from 258 to well over $1,000 it is slightly overbought. Yes, but this is gold and someone (????) who may have known a massive financial crisis was coming (????) just kept on buying the stuff up, up, up. So what is gold going to do? There are many scenarios from crashes to super booms above $5,000. My question becomes - Does the gold/USD correlation possibly end and a gold/SPX correlation begin? Again refer to thee first chart (and your imagination - sometimes that is necessary). Inverse to the dollar and direct to the SPX? Not that far fetched. That would be a worst case scenario for the gold bugs.
Looking at the $GOLD/$USD chart you can see the massive rising wedge that should be completed. Overbought is an understatement and room to fall is bountiful. Divergences exist. The need for a correction is overdue. Given the theme for massive global deflation to assist multiple nations from going bankrupt (here I apply my imagination again), I think the dollar is going to continue to rise as some sort of (tongue in cheek laughing) safe haven and then collapse with the rest of the world as most of the global economies default on the debt that they will never be able to afford.
Damn, Shanky? Well, that is what I think and common sense tells me this is how it will most likely play out. Big Sugar Daddy will come to the rescue initially and allow everyone to devalue to their dollars vs. the USD (you see, since we (and GS) really caused this mess we're gonna have to step up to the plate more than we already have). So USD initially go up to $89ish and then get crushed.
Here is a great link to a vid from Market Club that I liked - no, I really liked it - not kidding or it would not be here (If you liked that vid they have other market related vids - and another gold vid at this link here). Pretty subtle hugh? LOL. Hey, the charting stuff is pretty cool and easy to use - you should consider giving it a spin. And for the newbies that want to learn more about trading and market trends, try this link out. It is free. They don't think gold is going up from here either. They do some good time analysis that I do not normally cover that is well presented and worth a look. (OK - sales pitch is over, but let me know if you liked the vid in the comments)
What do I think? It stays in the current ballpark with a $950 max floor at this time. The manipulators will not let it crash (unless they want to buy it cheaper).I think it struggles with the overall market (but not nearly as bad as the market) and when the dollar finally lets go and real panic sets in it will all be about GOLD BIATCH!
I hope you enjoyed this. Remember to check out the links to those vids and give me some feedback.
Have a great weekend.
Morning Post
For those of you wondering (or frustrated) about manipulation, Zero Hedge posted Rumor Versus Fact: An Insider's Report On A Manipulated Market last night. The post (you would have thought I had written it) has, "In the early afternoon it hit like a mad PPT trader masquerading as a legitimate agent of the NY Federal Reserve: MASSIVE BUYING! Within minutes the S&P500 along with the other major markets took flight and quickly rallied 1%. Had a rate cut followed the recent rate hike? Was the recent horrific economic data revised by the BS artists at the BLS? Nope – the market took off because it was rumored that AAPL would split its stock 4:1. Yep. A rumor. A *^%$#!G rumor! About 30-minutes after the short covering carnage started AAPL denied the story…and the market proceeded to ADD to its gains." You know it was not me because I freely use appropriate language where required.
Another finely written point (among many) was, "The Durable Goods report got major headlines from the Lame Stream Media about how bullish the number was. This is only the case for the headline number. Responsible for the good headline number was a 126% increase in civilian aircraft orders (these orders can be cancelled, by the way). Outside of transportation, orders fell 0.6%. Core capital equipment and machinery orders dropped 2.9% and 9.7%, respectively, which are the important ones that determine the direction of the economy. For all of 2009, durable goods fell a record 20%. But don’t worry, it “could have” been worse."
You see folks I warn you constantly that the market is rigged, and that the MSM pumps up the volume endlessly for the boys on Wall St. to sell their wares to as many unsuspecting/ignorant/uneducated investors as possible. It is nice to see some backup to verify my constant rants on the subject. Want to know How Goldman Prevented Today's Market Rout And Made A Quick $3 Million In The Process? It is almost surreal.
Given all the above it is any wonder I am struggling with the Morning Post today? I got all excited about the turn on the minis near 1084 yesterday after looking for 1083. (Now, why it turned there is another story.) I was pumped about the possibility of my 5.3.5 starting to possibly come home having the 3 complete and what looks like a 1 moving up. After reading the headlines and digesting some more reality (gotta take that in small doses these days), and with the market in a spot where 2 of 1 could be over or the final 5 up could be happening, I have to say that I am in pure wait and see mode on a Friday. My suggestion. Take the day off but keep one eye on the markets just in case. Cash is king right now.
SPX 60m - Several options. 1)I had previously mentioned the possibility of the lower triangle support line being reset lower and a move to E may be it. 2) If the triangle is the wrong call and the 5.3.5 is right, care to do the math where C=A? You guessed it 1150. Double top would be pretty. 3) Finally is 2 completed and we're headed south for good like we should be and 3 of 1 is here? Thus the confusion. Yesterday was a great example of why short term gambling in this market is a fools game especially in an unpredictable 2 or 4 wave in a manipulated bullshit market. To add to the confusion, the indicators are all over the place, no clear trend is established and the VIX, while sitting on support, looks weak to me. Thus, sit it out. Take the day off.
Putting it all in one place. SPX and oil being stubborn ignoring the dollars rise. Has the dollar completed a measured corrective ABC and is not in the bull mode the EWT people think? Something has to give here as normal correlations are getting a little screwed up (as should be expected in a global financial crisis with rigged markets). This is adding to my lack of conviction on market direction.
I'm on the sidelines unless we get some large move south confirming the top of 2 is in. Enjoy your weekend!
Oh, and why am I not commenting on GDP? Well, you do the math compared to durable goods orders yesterday and to housing starts and tell me if it is remotely accurate or not? Just more BS from the BLS.
GL!
Another finely written point (among many) was, "The Durable Goods report got major headlines from the Lame Stream Media about how bullish the number was. This is only the case for the headline number. Responsible for the good headline number was a 126% increase in civilian aircraft orders (these orders can be cancelled, by the way). Outside of transportation, orders fell 0.6%. Core capital equipment and machinery orders dropped 2.9% and 9.7%, respectively, which are the important ones that determine the direction of the economy. For all of 2009, durable goods fell a record 20%. But don’t worry, it “could have” been worse."
You see folks I warn you constantly that the market is rigged, and that the MSM pumps up the volume endlessly for the boys on Wall St. to sell their wares to as many unsuspecting/ignorant/uneducated investors as possible. It is nice to see some backup to verify my constant rants on the subject. Want to know How Goldman Prevented Today's Market Rout And Made A Quick $3 Million In The Process? It is almost surreal.
Given all the above it is any wonder I am struggling with the Morning Post today? I got all excited about the turn on the minis near 1084 yesterday after looking for 1083. (Now, why it turned there is another story.) I was pumped about the possibility of my 5.3.5 starting to possibly come home having the 3 complete and what looks like a 1 moving up. After reading the headlines and digesting some more reality (gotta take that in small doses these days), and with the market in a spot where 2 of 1 could be over or the final 5 up could be happening, I have to say that I am in pure wait and see mode on a Friday. My suggestion. Take the day off but keep one eye on the markets just in case. Cash is king right now.
SPX 60m - Several options. 1)I had previously mentioned the possibility of the lower triangle support line being reset lower and a move to E may be it. 2) If the triangle is the wrong call and the 5.3.5 is right, care to do the math where C=A? You guessed it 1150. Double top would be pretty. 3) Finally is 2 completed and we're headed south for good like we should be and 3 of 1 is here? Thus the confusion. Yesterday was a great example of why short term gambling in this market is a fools game especially in an unpredictable 2 or 4 wave in a manipulated bullshit market. To add to the confusion, the indicators are all over the place, no clear trend is established and the VIX, while sitting on support, looks weak to me. Thus, sit it out. Take the day off.
Oh, and why am I not commenting on GDP? Well, you do the math compared to durable goods orders yesterday and to housing starts and tell me if it is remotely accurate or not? Just more BS from the BLS.
GL!
Friday, January 29, 2010
Rorschach Revisited - A Helicopter?
Johnny, what do you you make of this? Looks like the market picked the wrong week to quit hopium. Anyway, the Rhorschach inkblot says the correlation between the dollar and the markets may be alive and well. I don't know bout you but it looks like a helicopter dropping money to me.
Monday, January 18, 2010
Gold:USD - 20% Pullback Coming?
Just looking at the chart if you follow the red vertical lines the story is there. the average pullback is 20% and each lasted four months or more. The only aberration was the black dashed line that set the divergence for the massive pullback in 2008 (it still generated a 9% pullback). I'm not sure if the larger blue channel is in play or what I see as a more recent possible gray channel. Given what has happened in the past with MACD at these extremes and the HIST divergence, it does not look promising. Bottom line is that with a 630% run up over 9 years, I would have to think this peak to trough trend is real and should be expected. Target is near 12.95, but it could be worse given the blue fib on this chart. the 38% retracement at 12.88 is close to the prescribed target. GL!
Friday, November 20, 2009
Morning Post (2) - The DOLLAR
UPDATE - I totally changed this post.
OK, second grade Thanksgiving play is in the books and I will not get the pleasure of seeing another one of those for a long time. This is a time of year for reflection and I imagine you will get some passionate posts out of me as we have a lot to be thankful for, but unfortunately we need more prayers now more than anything.
First lets be thankful for the PPT! ICE Cancels DXY Trades After "Impossible" Action Moves Index 9% Higher, $ Plunge Enforcement Team Arrives At Crime Scene Leave it to our pals at Zero Hedge to get he mornings scoop on the action. "The dollar "plunge enforcement team" has been promptly woken up from its Larry Summerseqsue narcolpetic slumber and will rectify any and all attempts at a returns to fair market value." Please read the post as this sort of action directly impacts your trading day (and future). To those of you that wonder why I am on the manipulation train and can't call a top and constantly refer to the fact that "they" can not let the market fall yet, consider this exhibit 1,250,235 of the reasons I think along such lines. At this juncture of the crisis, I would not take this story lightly and use it to read into possible actions to come. I ask myself, "Did someone 'in the know' make a play that was premature trying to front run something?"
DXY daily - OK, let's back up a little and get the 1,000 foot view. The reason I'm showing this is the pink and green trendlines. Pay attention to these major trendlines as they work thru the next two charts.
DXY daily - See the pink and green trendlines? See the resistance (pink) and then the LAUNCH to the yellow, resistance (red vertical) and green?
DXY daily - See the trendlines? Is the yellow falling wedge still in play with this being the D touch and down for E?
By no means should you consider the lower pink trendline out of play.
I focus on the dollar so much because it is driving everything IMO. A weak dollar cures a lot of ills. As you knnow I pay attention to a lot of things, but this is the leader of all markets right now. More to come today.
Have a good one and GL out there.
OK, second grade Thanksgiving play is in the books and I will not get the pleasure of seeing another one of those for a long time. This is a time of year for reflection and I imagine you will get some passionate posts out of me as we have a lot to be thankful for, but unfortunately we need more prayers now more than anything.
First lets be thankful for the PPT! ICE Cancels DXY Trades After "Impossible" Action Moves Index 9% Higher, $ Plunge Enforcement Team Arrives At Crime Scene Leave it to our pals at Zero Hedge to get he mornings scoop on the action. "The dollar "plunge enforcement team" has been promptly woken up from its Larry Summerseqsue narcolpetic slumber and will rectify any and all attempts at a returns to fair market value." Please read the post as this sort of action directly impacts your trading day (and future). To those of you that wonder why I am on the manipulation train and can't call a top and constantly refer to the fact that "they" can not let the market fall yet, consider this exhibit 1,250,235 of the reasons I think along such lines. At this juncture of the crisis, I would not take this story lightly and use it to read into possible actions to come. I ask myself, "Did someone 'in the know' make a play that was premature trying to front run something?"
DXY daily - OK, let's back up a little and get the 1,000 foot view. The reason I'm showing this is the pink and green trendlines. Pay attention to these major trendlines as they work thru the next two charts.
DXY daily - See the pink and green trendlines? See the resistance (pink) and then the LAUNCH to the yellow, resistance (red vertical) and green?
By no means should you consider the lower pink trendline out of play.
I focus on the dollar so much because it is driving everything IMO. A weak dollar cures a lot of ills. As you knnow I pay attention to a lot of things, but this is the leader of all markets right now. More to come today.
Have a good one and GL out there.
Thursday, November 19, 2009
Can The Dollar Push Thru?
1:20 UPDATE: SPX Dollar Chart - See the pink support lines on the dollar? Also all the massive divergences on the indicators.
12:30 UPDATE: Testing support. 60m indicators pushing hard south, but dailys are strong north. Not sure if it breaks out here or continues to consolidate in the yellow wedge.
DXY 60m - those trendlines and the 60m indicators say this may be it. Sure would make a nice descending triangle.
DXY daily - says she runs to the upper trendline based on the indicators, the strong move and the divergence under RSI. NOW - WHAT I WANT YOU TO NOTICE is look at all the big green candles and the days after - 4 have gaps down and one a gap up - the one with a gap up is a set up very similar to this with MACD and S Sto bull cross following a divergence in RSI. I do not expect the upper yellow TL to go at this time. If it does the P3 chatter will be flying.
Morning Post
Oh lawdy, look at that DXY run. The only question is at which trendline does it stop? We have had 8 days in the blue box on my SPX daily chart and the avg top has taken 7 to 9 days. I mentioned yesterday that gold was toppy. That last hourly bullish candle on the 60m yesterday that fooled most will be gobbled up at the open this am by some gapage down. Somewhere near 1065 on the minis and the SPX is what I am seeing for now. That number will have to be refined, but it is what I see now. Note the dollar climbs fast and falls slow.
e-mini 60m - Breaking trendline and falling off of resistance. the only caution i see is the 60m indicators are bottoming while the dailys are topping. the daily RSI just topped its divergence trendline and is reversing south now and it appears barring a whipsaw a bear cross on S Sto will happen today.
$DXY 60m - How bout that pop last night. Someone almost called the dxy breakout yesterday to the minute, not sure who that was? Which trendline does it stop at pink or yellow? Based on the indicators of the major indexes I'm guessing yellow as they let the dollar out to run in the yard before putting it back in the dog house.Note again the rapid climbs and the slow falls in the swings.
SPX daily - Will the blue box theory hold? MACD hist has turned (again) and RSI appears weak. S Sto is embedded and at top range levels.
EUR/JPY - this chart needs to be seen. Sho looks like a pop is in order if you ask me. If the green and yellow TL support crack then the channel is toast and the fall begins.I almost want to call this the end of a B wave of a LARGE ABC corrective. If I am right it tops in the 152 to 155 range.When this puppy hits the upper trendline Mr. Toppy will be in the house IMO.
EUR/USD weekly - The weekly chart emphasizes just how overbought and tired this trade is. The green tendlines are Fib Fans that work really well on this chart, so $1.40 would be the first stop when the fall starts.
I plan on cranking up the shorts on SDS and SRS to 100% after the open at the best entry point I can find. The average fall has been 40 to 60 points and then a two to three day bottoming process. Why not fall to the lower blue trendline on the minis?
Could a top be in? Yes, but I do not think so. This is the first place I would be willing to say TOP. I think this is the beginning of a 3 down before the final 5 up of P2.
Corker rocks.
Updates -
Gold- Did someone say gold was toppy yesterday? Hmmmmm? Hmmmmm?
UNG - Gonna get stopped out this am as new lows get set. You do not want to know where I think it can go from here.
Oh - did anyone notice how that 500k jobs number was just briefly mentioned and is now just a ho hum subject. Just ignore tha man behind the curtain. This should be front page news that we should be raising hall about, but we all know now that the government is not doing a damn thing but to prop up the market and the TBTF's and could care less about job creation.
e-mini 60m - Breaking trendline and falling off of resistance. the only caution i see is the 60m indicators are bottoming while the dailys are topping. the daily RSI just topped its divergence trendline and is reversing south now and it appears barring a whipsaw a bear cross on S Sto will happen today.
$DXY 60m - How bout that pop last night. Someone almost called the dxy breakout yesterday to the minute, not sure who that was? Which trendline does it stop at pink or yellow? Based on the indicators of the major indexes I'm guessing yellow as they let the dollar out to run in the yard before putting it back in the dog house.Note again the rapid climbs and the slow falls in the swings.
SPX daily - Will the blue box theory hold? MACD hist has turned (again) and RSI appears weak. S Sto is embedded and at top range levels.
EUR/JPY - this chart needs to be seen. Sho looks like a pop is in order if you ask me. If the green and yellow TL support crack then the channel is toast and the fall begins.I almost want to call this the end of a B wave of a LARGE ABC corrective. If I am right it tops in the 152 to 155 range.When this puppy hits the upper trendline Mr. Toppy will be in the house IMO.
EUR/USD weekly - The weekly chart emphasizes just how overbought and tired this trade is. The green tendlines are Fib Fans that work really well on this chart, so $1.40 would be the first stop when the fall starts.
I plan on cranking up the shorts on SDS and SRS to 100% after the open at the best entry point I can find. The average fall has been 40 to 60 points and then a two to three day bottoming process. Why not fall to the lower blue trendline on the minis?
Could a top be in? Yes, but I do not think so. This is the first place I would be willing to say TOP. I think this is the beginning of a 3 down before the final 5 up of P2.
Corker rocks.
Updates -
Gold- Did someone say gold was toppy yesterday? Hmmmmm? Hmmmmm?
UNG - Gonna get stopped out this am as new lows get set. You do not want to know where I think it can go from here.
Oh - did anyone notice how that 500k jobs number was just briefly mentioned and is now just a ho hum subject. Just ignore tha man behind the curtain. This should be front page news that we should be raising hall about, but we all know now that the government is not doing a damn thing but to prop up the market and the TBTF's and could care less about job creation.
Wednesday, November 18, 2009
Minis/SPX Now
UPDATE: DXY cracks upper trendline. Now can it hold and confirm? E-minis sitting right on support.
E-mini 30m - Lower trendline being tested. It tried, but could not get 'er dun. It is consolidating for some sort of move, and I'm not sure (as a bear) if I smell a rat or not.
E-mini 30m - Lower trendline being tested. It tried, but could not get 'er dun. It is consolidating for some sort of move, and I'm not sure (as a bear) if I smell a rat or not.
SPX 15m - testing lower trendline below and MA resistance above. The lower blue thin trendline held what was a perceived breakdown. See that divergence on CCI? What happened the last time we got one of those on this chart? VIX looks to be at the end of it's rope on this chart.
DXY at support and trending down setting lower highs.Possible a descending triangle?
Conclusion - be patient and wait for the trendlines to crack and get the confirmation. If you are short keep your stops tight. I am still only 50% in SDS and SRS. The daily hist is falling and RSI appears to be rolling over. We need to confirm yesterday's daily dragonfly doji. I believe more downside is expected, but be careful, that may be a descending triangle on the 15m spx. Is the /ES setting up for a pop from here? Volume is absolutely pathetic. The bears may be winning on the scoreboard right now, but they are getting pushed all over the field. I'm cautiously bearish at this time.
UNG update - set new low and I lowered my stops to 8.85.
Morning Post
OK, tough call time. I think this is 5 of 1 up and 1115 is the target for the top, but with the news this morning I think 2 or 4 down is now here. I do not think a top is near here (although minis are battling with the top bear market trendline) for many reasons, number one being they are still forcing people into equities for return and a rate raise won't come for a while. The markets are the only game in town. This goes against so many things in place IMO. The dollar is going to have to hit some unimaginable numbers to create further strength, OR does the dislocation of the dollar and the markets begin soon signifying the irrational exuberance in the markets.
I think gold is going to top temporarily this week.
E - minis 60 m - Battle with top trendlines continues. See that yellow box? That is the 50 to 61% retracement zone and it runs nicely with the 1062 support and the lower (blue) P2 support line.
DXY 60m - Is it in a descending triangle? HERE is one of my big questions. If the minis are in a 2 down bouncing off of strong resistance it appears it will take a 3 (third wave) up to bust that. Do you see a three driver in the dollar chart? It is at support and wedging. The floor in the dollar has me a little timid in calling for a impulsive 3 up. Does the market and the dollar begin their dislocation soon?
SPX chart - The style is called Sunset and I will use this weekly chart to call the sun setting one the SPX. We're missing the divergence in CCI and a larger divergence in RSI IMO.
SPX 60m - Looks like a completed 5 waves up, and the divergences are there. 1081 to 1061 is the target range at this time. That will be refined as we go.
Index comparison chart - Art mentioned the Russell 2000 this am and stole my thunder. Can you say lag?
SPX daily - Day 7 in the blue box - Look for MACD hist to turn today (I thought it would turn yesterday.
UPDATES -
UNG - Pulling back. 60m chart looks bad, but the dailys look ok for now. Be careful and set your stops.
EUR/JPY- Should drive down to support at 131.
EUR/USD -Between support and resistance topping.
Gold - I think it is going to have a small pullback very soon. I'll do a post.
Oil - forming a base for a further push higher IMO.
Look for updates during the day.
If you are reading this post on another feed, please bookmark my blog and use it directly. Last night I was surfing my links and noticed that there are several sites that take the whole post and my readers with it. I have nothing against sharing, but stealing the whole post king of sucks. So bookmark me or give me a click. Thanks.
GL trading.
I think gold is going to top temporarily this week.
E - minis 60 m - Battle with top trendlines continues. See that yellow box? That is the 50 to 61% retracement zone and it runs nicely with the 1062 support and the lower (blue) P2 support line.
DXY 60m - Is it in a descending triangle? HERE is one of my big questions. If the minis are in a 2 down bouncing off of strong resistance it appears it will take a 3 (third wave) up to bust that. Do you see a three driver in the dollar chart? It is at support and wedging. The floor in the dollar has me a little timid in calling for a impulsive 3 up. Does the market and the dollar begin their dislocation soon?
SPX chart - The style is called Sunset and I will use this weekly chart to call the sun setting one the SPX. We're missing the divergence in CCI and a larger divergence in RSI IMO.
SPX 60m - Looks like a completed 5 waves up, and the divergences are there. 1081 to 1061 is the target range at this time. That will be refined as we go.
Index comparison chart - Art mentioned the Russell 2000 this am and stole my thunder. Can you say lag?
SPX daily - Day 7 in the blue box - Look for MACD hist to turn today (I thought it would turn yesterday.
UPDATES -
UNG - Pulling back. 60m chart looks bad, but the dailys look ok for now. Be careful and set your stops.
EUR/JPY- Should drive down to support at 131.
EUR/USD -Between support and resistance topping.
Gold - I think it is going to have a small pullback very soon. I'll do a post.
Oil - forming a base for a further push higher IMO.
Look for updates during the day.
If you are reading this post on another feed, please bookmark my blog and use it directly. Last night I was surfing my links and noticed that there are several sites that take the whole post and my readers with it. I have nothing against sharing, but stealing the whole post king of sucks. So bookmark me or give me a click. Thanks.
GL trading.
Tuesday, November 17, 2009
E- minis, SPX And DXY Now
5 does not quite equal one yet (somewhere around 1115) but you can see the the resistance above and the lower ED trendline to the right - The retracement area is 1069 to 1058. If you look closely you'll see a red support line at 1062 and the lower dark blue P2 support line at 1060. divergence in S Sto and RSI are there. MACD as well. Let's pay close attention to what happens here. I believe this is A of either 2 or 4. If not it is 4 of 5 of 1. I am very leery (as I was Friday) of upside and remain only 50% short. When that trendline on the 15m breaks I'll add shorts up to 100%. All charts are in my chartbook and you'll see them on a 20m delay. Use the chartbook dropdown box to navigate.
15m SPX - If that lower black trendline gives way . . . . . backtest of the blue trendline for 2 or 4 of 5? Maybe to gap support?
15m SPX - If that lower black trendline gives way . . . . . backtest of the blue trendline for 2 or 4 of 5? Maybe to gap support?
DXY - Breaking out?
Looks like some sort of breakdown may be ready, BUT if that dollar reverses and a breakout happens look out. Keep those stops tight if you are short. I'll note that there is a possibility of one more pop up to 1115 SPX.
Morning Post
Indicators are almost there. 1035 SPX is a new number I am looking at for a top in the last week of December. 1121 is still my target.
/ES Daily - RSI needs to turn here or the divergence to price is screwed. Gray is upper bear market TL that was violated yesterday. Pink is the gap that got closed yesterday. So, at upper TL with dailys and weeklys ready to turn. Sounds like a good brew. How's that dollar doing?
$DXY daily - At upper bear market TL (pink). in a nice falling wedge setting new nt lows. Sky blue rectangle is a gap. RSI and MACD have a nice divergence to price and S Sto looks to be wanting to bull cross. The 60m is in a channel and is at the top of the channel right now. How does this fit with SPX?
SPX daily - Well, if you follow the trend of the 7 to 9 days for a top then we've had 6 days in the blue box. RSI cracked an intermediate upper trendline, but I think that will be corrected. The only worry for the bears IMO is if RSI and MACD decide to run all the way to their divergence lines. S Sto is embedding. I expect the MACD hist to reverse and start falling some today.
SPX 60m - Looks like a massive divergence to price is being set on RSI. Bear cross on S Sto.
SPX weekly - This chart deserves it's own post and it will get it with a monthly chart later today when I make my case for more upside. Notice the 1135 target point and the A-E rising wedge possibility (I'm not letting go of that quite yet).
Time for either wave 2 or 4 of 5 of C to begin soon. 1170 to 1161 for the target. I am still holding my 50% SRS and SDS and ready to add to them now. I suffered yesterday, but have confidence in a reversal here especially based on the minis and the dollar. IF the dollar cracks that pink trendline I may be inclined to call a top - BUT here is my big secret - I'm gonna bet on a backtest of that TL to set the ultimate top.
UPDATES -
EUR/JPY has busted a triangle and is headed to a lower TL at 131.
EUR/USD is about to puke all over its self at an upper TL and about to fall out of a wedge.
Gold - floor keeps getting set. I'm waiting on a pullback to add aggressiviely.
UNG - see post from yesterday I'm in a 100% long position with a stop just below the lows.
UUP - Near lower channel line that it has been riding for some time. RSI has taken out its lower daily divergence TL and S Sto is not ready to cross.
Sorry for not replying to some comments and not getting a post up last night. I am coaching a 3rd and 4th grade B Ball team and last night was the first practice, so those practices may hinder some of my nightly posts.
I got to speak with Damon Vickers yesterday on the Alex Jones show. I Asked him about the impending top. The interview was excellent and I highly suggest you tune into the replay around 10:00 est. I am on at 11:00. Really good interview. www.infowars.com
GL Trading.
/ES Daily - RSI needs to turn here or the divergence to price is screwed. Gray is upper bear market TL that was violated yesterday. Pink is the gap that got closed yesterday. So, at upper TL with dailys and weeklys ready to turn. Sounds like a good brew. How's that dollar doing?
$DXY daily - At upper bear market TL (pink). in a nice falling wedge setting new nt lows. Sky blue rectangle is a gap. RSI and MACD have a nice divergence to price and S Sto looks to be wanting to bull cross. The 60m is in a channel and is at the top of the channel right now. How does this fit with SPX?
SPX daily - Well, if you follow the trend of the 7 to 9 days for a top then we've had 6 days in the blue box. RSI cracked an intermediate upper trendline, but I think that will be corrected. The only worry for the bears IMO is if RSI and MACD decide to run all the way to their divergence lines. S Sto is embedding. I expect the MACD hist to reverse and start falling some today.
SPX 60m - Looks like a massive divergence to price is being set on RSI. Bear cross on S Sto.
SPX weekly - This chart deserves it's own post and it will get it with a monthly chart later today when I make my case for more upside. Notice the 1135 target point and the A-E rising wedge possibility (I'm not letting go of that quite yet).
Time for either wave 2 or 4 of 5 of C to begin soon. 1170 to 1161 for the target. I am still holding my 50% SRS and SDS and ready to add to them now. I suffered yesterday, but have confidence in a reversal here especially based on the minis and the dollar. IF the dollar cracks that pink trendline I may be inclined to call a top - BUT here is my big secret - I'm gonna bet on a backtest of that TL to set the ultimate top.
UPDATES -
EUR/JPY has busted a triangle and is headed to a lower TL at 131.
EUR/USD is about to puke all over its self at an upper TL and about to fall out of a wedge.
Gold - floor keeps getting set. I'm waiting on a pullback to add aggressiviely.
UNG - see post from yesterday I'm in a 100% long position with a stop just below the lows.
UUP - Near lower channel line that it has been riding for some time. RSI has taken out its lower daily divergence TL and S Sto is not ready to cross.
Sorry for not replying to some comments and not getting a post up last night. I am coaching a 3rd and 4th grade B Ball team and last night was the first practice, so those practices may hinder some of my nightly posts.
I got to speak with Damon Vickers yesterday on the Alex Jones show. I Asked him about the impending top. The interview was excellent and I highly suggest you tune into the replay around 10:00 est. I am on at 11:00. Really good interview. www.infowars.com
GL Trading.
Monday, November 16, 2009
Morning Post
Good morning. Still struggling with where we are. This is really tough spot.
e-mini 60m - The Gray line is the bear market top line. The pink line is the 1107 to 1109 gap. The royal blue lines are the rising P2 wedge. THE MINIS ARE AT THE INTERSECTION of blue and gray. The count?All I can say is that I believe we are somewhere in 5 of C of P2. I have speculated all along that it would truncate, but maybe not. We'll just have to see.
DXY 60m - Channeling down. I adjusted it from Friday, but it fits better now. At support of the 50% channel line and the 74.95 lows. The pink line is the dominant top trendline for the fall. $74.50 is a number I like. I'll be watching that pink line closely for a break.
SPX daily - If trend holds, it is still topping (see blue boxes). The indicators are all over the place. I have a sell signal (red line and I am still in a 50% position short in SDS and SRS from /ES 1097 level. The gap between RSI and the upper divergence trendline (black) bothers me as a bear. If that trendline gives way, all the top callers can go back to the drawing boards IMO.
With this being opex week, where the indicators are and where some prices are in relation to their trendlines, the markets are not offering us much help in defining a clear direction at this point. There is potential to go in either direction based on what I see. That may sound crappy, but if you are a ST trader, wouldn't you much rather know where we are headed instead of guessing? I'm still holding my shorts (and my breath). That intersection on the minis may be a very significant point, so no calls till that hits and we see the reaction. This could be a three here today as 2 or 4 of 5 may have played out. I have speculated that it would take a 3 to get thru those top lines and the gap. It is tough to call and I'm not willing to walk that ledge with where everything is.
e-mini 60m - The Gray line is the bear market top line. The pink line is the 1107 to 1109 gap. The royal blue lines are the rising P2 wedge. THE MINIS ARE AT THE INTERSECTION of blue and gray. The count?All I can say is that I believe we are somewhere in 5 of C of P2. I have speculated all along that it would truncate, but maybe not. We'll just have to see.
DXY 60m - Channeling down. I adjusted it from Friday, but it fits better now. At support of the 50% channel line and the 74.95 lows. The pink line is the dominant top trendline for the fall. $74.50 is a number I like. I'll be watching that pink line closely for a break.
SPX daily - If trend holds, it is still topping (see blue boxes). The indicators are all over the place. I have a sell signal (red line and I am still in a 50% position short in SDS and SRS from /ES 1097 level. The gap between RSI and the upper divergence trendline (black) bothers me as a bear. If that trendline gives way, all the top callers can go back to the drawing boards IMO.
With this being opex week, where the indicators are and where some prices are in relation to their trendlines, the markets are not offering us much help in defining a clear direction at this point. There is potential to go in either direction based on what I see. That may sound crappy, but if you are a ST trader, wouldn't you much rather know where we are headed instead of guessing? I'm still holding my shorts (and my breath). That intersection on the minis may be a very significant point, so no calls till that hits and we see the reaction. This could be a three here today as 2 or 4 of 5 may have played out. I have speculated that it would take a 3 to get thru those top lines and the gap. It is tough to call and I'm not willing to walk that ledge with where everything is.
Thursday, November 12, 2009
Morning Post
OK, I feel a little better this morning. Let's settle into this 2 or 4 of 5 of C and get this over with. Jobs gave a little pop to futures that were down a little that was immediately taken back. The WMT miss was toally ignored. There may be some pent up demand for either side after the last two days of low volume, or it may just be a lame week with fireworks next week. I hate Steve Liesman. He reminds me of the dude that played Frankenstein in Young Frankenstein, but just not as likable.
E-mini 60m - This chart shows the wave 4 down (green), the first leg of 5 up (yellow) and the breakdown that is either 2 or 4 of 5 of C up. The 1073 38% retracement appears to be a good target at this time for when it turns assuming the NT top is in.
Daily SPX chart - this is the key chart to me. Still a little room to run. Just a little unless something pushes hard and the indicators embed. I expect a red sell line to show up here today or tomorrow. Back to back dojis at a backtest of the C wave lower trendline. Any further upside will be halted near the 1114 upper BB for now. I do not expect it to get there. RSI is flat (again) and should (for the bear case) stop at the divergence line above. This is a great set up for a massive fall sooner than later.
INDU daily -See, I can look at other indexes. See the divergence lines on the indicators? For the bear case hopefully this is a ceiling and INDU turns right here or near here to keep the daily divergences in tact. I added back the BD line (cause hotoptionbabe.com has it).
SPX 30m chart - This is a good drilldown showing recent action. It is best compared to the e-mini chart above. Notice the massive divergences in each indicator.
TNX v. SPX - This may be a tell of an impending top as these two are now headed in different directions as TNX heads south. See pink box.
DXY - Did DXY break out of its falling wedge only to form a larger channel south?
The VIX is not quite ready to turn even though it has busted out of its falling wedge. The VIX indicators are mixed. DXY is making a good move north and might finally be clear of the falling wedge, but is it in a channel down? It appears there is some more churning to do in the market before the turn. I see limited upside potential at this point and an impending turn south sooner than later if the divergences on the 30 and 60m hold and play out (barring some sort of screwy market actions -LOL, you know what I mean).Volume is dead either because of the holiday or everyone is staying dry leading into opex next week. If the market does not get a pop south soon then opex with either create a further overbought top or a pretty significant pullback.
GL trading.
E-mini 60m - This chart shows the wave 4 down (green), the first leg of 5 up (yellow) and the breakdown that is either 2 or 4 of 5 of C up. The 1073 38% retracement appears to be a good target at this time for when it turns assuming the NT top is in.
Daily SPX chart - this is the key chart to me. Still a little room to run. Just a little unless something pushes hard and the indicators embed. I expect a red sell line to show up here today or tomorrow. Back to back dojis at a backtest of the C wave lower trendline. Any further upside will be halted near the 1114 upper BB for now. I do not expect it to get there. RSI is flat (again) and should (for the bear case) stop at the divergence line above. This is a great set up for a massive fall sooner than later.
INDU daily -See, I can look at other indexes. See the divergence lines on the indicators? For the bear case hopefully this is a ceiling and INDU turns right here or near here to keep the daily divergences in tact. I added back the BD line (cause hotoptionbabe.com has it).
SPX 30m chart - This is a good drilldown showing recent action. It is best compared to the e-mini chart above. Notice the massive divergences in each indicator.
TNX v. SPX - This may be a tell of an impending top as these two are now headed in different directions as TNX heads south. See pink box.
DXY - Did DXY break out of its falling wedge only to form a larger channel south?
The VIX is not quite ready to turn even though it has busted out of its falling wedge. The VIX indicators are mixed. DXY is making a good move north and might finally be clear of the falling wedge, but is it in a channel down? It appears there is some more churning to do in the market before the turn. I see limited upside potential at this point and an impending turn south sooner than later if the divergences on the 30 and 60m hold and play out (barring some sort of screwy market actions -LOL, you know what I mean).Volume is dead either because of the holiday or everyone is staying dry leading into opex next week. If the market does not get a pop south soon then opex with either create a further overbought top or a pretty significant pullback.
GL trading.
Wednesday, November 11, 2009
Morning Post
It is a new day at Shanky's Blog. I have entered the world of Disqus which will hopefully bring in a few more comments and add to the site. I plan on monitoring the conversations as often as possible. It should be a big improvement.
FIRST - Please remember that today is Vetran's Day. This may be the most important holiday we have. Remember those that fight, fought and fought and died for us to have our freedom. I'll most likely have an enormous rant about how F'd up our country is tonight and how the assholes in DC and on Wall St have disgraced these fine folks and us.
The minis set a fresh new high overnight at 1102, so this fairy tale adventure looks to have more legs. Another possible top come and gone. That one was a better fake out than the last. I am looking at this next top as "the" top as far as EWT is concerned. I'll clarify that meaning I think EWT will miss it one more time. Not busting anyone's chops but EWI's (cause you can diss them here all day long if you like), those folks need to learn to read the indicators. When they top and set divergences, then the market will top not cause your count says so. Yes, they will have a valid count after the fact, but only after the fact. Having missed two tops now, Prechter calling a top months ago and being "the experts" I would expect them to have their tails tucked quite tightly between their legs right now.
There was a missing 5 up of C and we're there now. Sooo many targets, but the way I see it is if 5=1 then somewhere in the 1180 range ought to do it. At this time, since I have not gotten out the abacus and the protractor and put it under the microscope, I can't give a precise number. I'm sticking with my original upper end target of 1121 (which will be expanded). At this time I think we're in 3 of 5 of C of P2. REMEMBER, I use EWT after consulting the indicators and make EWT fit to what the charts say. I also mainly use it as a nomenclature that allows me to more accurately describe the markets positions.I think we pullback very soon and then shoot for the moon during opex week to the possible top. I'll call it when I think it happens.
/ES 60m - Nice wedge! Top blue line is the P2 top trendline. Top pink line is the gap from around 1107 to 1109. That light gray line just above is the bear market top trendline. I'd say this is a major roadblock if you ask me. that combined with the 60m indicators being over bought with a divergence on S Sto and RSI means time for a pullback soon. A pullback to the lower P2 support line is possible, but we'll look at that later.
SPX 60m chart - Backtesting the trendline with some toppy indicators. Is that Mr. Divergence beginning to show his face on the RSI? MACD HIST has its divergence going on and might want a bear cross soon. S Sto is embedded and will fall sooner than later. Remember the dailys are the key for me and they still have a little room to run. the 60m can embed for months if they like. This chart says a turn is coming soon. Let that divergence in RSI get set.
$DXY 60 m chart - DXY to new lows! I had 74.50 as a target, but would not be surprised to see it sub 70 by the end of next week. I told you yesterday the wedge was not right, but now I think it is. This will have a temporary bottom soon.
Cutting it short this am cause I was running late. I think we top today or tomorrow early and have a pullback befor the big push in opex next week. I'm not sure where the bots are getting the funds to drive the market now as QE is supposedly dead and POMO no longer exists (as far as we know). Remember, you are a passenger on this ship and Captain Ben and his first mate Timaaay are running the show. Insiders have been dumping and the computers control 70% of the trade. They will let it fall when they want it to, or something outside of their control will have to rip it away. Keep following the daily indicators to the tops and bottoms and you'll be fine.
I'll do a detailed post today with measurements on where I think it ends and when.
I wonder if that babe in the bikini will stop by today?
Check out the Disqus comments and leave one if you like.
GL trading
The minis set a fresh new high overnight at 1102, so this fairy tale adventure looks to have more legs. Another possible top come and gone. That one was a better fake out than the last. I am looking at this next top as "the" top as far as EWT is concerned. I'll clarify that meaning I think EWT will miss it one more time. Not busting anyone's chops but EWI's (cause you can diss them here all day long if you like), those folks need to learn to read the indicators. When they top and set divergences, then the market will top not cause your count says so. Yes, they will have a valid count after the fact, but only after the fact. Having missed two tops now, Prechter calling a top months ago and being "the experts" I would expect them to have their tails tucked quite tightly between their legs right now.
There was a missing 5 up of C and we're there now. Sooo many targets, but the way I see it is if 5=1 then somewhere in the 1180 range ought to do it. At this time, since I have not gotten out the abacus and the protractor and put it under the microscope, I can't give a precise number. I'm sticking with my original upper end target of 1121 (which will be expanded). At this time I think we're in 3 of 5 of C of P2. REMEMBER, I use EWT after consulting the indicators and make EWT fit to what the charts say. I also mainly use it as a nomenclature that allows me to more accurately describe the markets positions.I think we pullback very soon and then shoot for the moon during opex week to the possible top. I'll call it when I think it happens.
/ES 60m - Nice wedge! Top blue line is the P2 top trendline. Top pink line is the gap from around 1107 to 1109. That light gray line just above is the bear market top trendline. I'd say this is a major roadblock if you ask me. that combined with the 60m indicators being over bought with a divergence on S Sto and RSI means time for a pullback soon. A pullback to the lower P2 support line is possible, but we'll look at that later.
SPX 60m chart - Backtesting the trendline with some toppy indicators. Is that Mr. Divergence beginning to show his face on the RSI? MACD HIST has its divergence going on and might want a bear cross soon. S Sto is embedded and will fall sooner than later. Remember the dailys are the key for me and they still have a little room to run. the 60m can embed for months if they like. This chart says a turn is coming soon. Let that divergence in RSI get set.
$DXY 60 m chart - DXY to new lows! I had 74.50 as a target, but would not be surprised to see it sub 70 by the end of next week. I told you yesterday the wedge was not right, but now I think it is. This will have a temporary bottom soon.
Cutting it short this am cause I was running late. I think we top today or tomorrow early and have a pullback befor the big push in opex next week. I'm not sure where the bots are getting the funds to drive the market now as QE is supposedly dead and POMO no longer exists (as far as we know). Remember, you are a passenger on this ship and Captain Ben and his first mate Timaaay are running the show. Insiders have been dumping and the computers control 70% of the trade. They will let it fall when they want it to, or something outside of their control will have to rip it away. Keep following the daily indicators to the tops and bottoms and you'll be fine.
I'll do a detailed post today with measurements on where I think it ends and when.
I wonder if that babe in the bikini will stop by today?
Check out the Disqus comments and leave one if you like.
GL trading
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