Still Going…

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energizer-bunny-dow-100,000

The market is on it's way to the stars... Yes, we should hit 100,000 Dow tomorrow!  Just kidding of course.  Nothing much has changed today, as we are still awaiting the job's number tomorrow.  I still believe that the market will sell off tomorrow, regardless of what the number is.

If it comes out positive, then you can expect a pop up in the morning and then a sell off later on.  If it is negative, then the selling should begin right out of the gate.  Either way, I believe the sell off will start tomorrow.  Since it's delayed some from my original post last Sunday, I now see us heading down to around 1103 by next Friday.  Then up a little for a few days and more selling over the next couple of weeks until we hit the 1070-1080 level.

More on that once it gets started...

Red

248 COMMENTS

  1. Pop may be bigger than you think. Then we correct a small bit and then on to 1220ish.
    Hmmmmmmm………………

    • A pop to 1150 SPX could very well happen, but I don't see any move higher holding. Where ever it goes up too, it should come back down and close lower then the pop open.

      If we don't sell off hard tomorrow then Monday should be the big down day. However, if we sell off Friday, then Monday would most likely be a “pause day”… where we would go slightly up to flat.

      It's hard to guess how the institutions will read the news tomorrow, but I believe a short term high is already in, or will be on a pop tomorrow morning.

      After a sell off in the next 2-3 weeks, I do believe that it is possible to rally up to the 61.8% fib level, somewhere between 1250-1300 SPX (depends on the time frame you chart it from).

      So, yeah… I'm kinda on the same page of thinking as you. How high is anyone's guess? But a 5-10% correction is coming… asap!

      Red

      • Maybe but hard to see with the price action in financials and earnings season next week that it would sell off.

  2. Pop may be bigger than you think. Then we correct a small bit and then on to 1220ish.
    Hmmmmmmm………………

  3. A pop to 1150 SPX could very well happen, but I don't see any move higher holding. Where ever it goes up too, it should come back down and close lower then the pop open.

    If we don't sell off hard tomorrow then Monday should be the big down day. However, if we sell off Friday, then Monday would most likely be a “pause day”… where we would go slightly up to flat.

    It's hard to guess how the institutions will read the news tomorrow, but I believe a short term high is already in, or will be on a pop tomorrow morning.

    After a sell off in the next 2-3 weeks, I do believe that it is possible to rally up to the 61.8% fib level, somewhere between 1250-1300 SPX (depends on the time frame you chart it from).

    So, yeah… I'm kinda on the same page of thinking as you. How high is anyone's guess? But a 5-10% correction is coming… asap!

    Red

  4. Maybe but hard to see with the price action in financials and earnings season next week that it would sell off.

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