Friday, April 19, 2024

Up As Expected…

Sorry for the late post today folks.  The market went up as expected, and should continue throughout the week.  Tomorrow should be a consolation day, before another move higher.  Again, I'm staying long my USO calls until Friday or the 38 level.

I don't know how high the market will reach by Friday, but the 1120 area isn't out of of the question.  Regardless of where it is, I'll be going short on Friday, as it could start the larger wave 3 down on the following Monday.  Now keep in mind that Monday could go up a little and the down move wouldn't come until Tuesday the 9th.  That's my actual projected turn date... but, it might come early, and I don't want to miss it.

I would rather ride out a little pain to the upside on Monday, then to see Monday crash and I'm not short yet.  Anyway, I'm tired, and haven't had a chance to do anything today.  I got home really late and now I'm posting late.  So, I'll end here.  Just stay patient, as the big one is coming soon!

Red

Red
Author: Red

Related Articles

613 COMMENTS

0 0 votes
Article Rating
613 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Captain_Koons
Captain_Koons
14 years ago

Hi Red,
It looks like we are on schedule as planned. Only concern I have is with the unemployment number coming out on Friday. Could bad numbers on Friday be the start of the move down? I may add to my short position on Thursday.

Red Dragon Leo
14 years ago
Reply to  Captain_Koons

The way I'm looking to play it, is to add a 1/3 short position at 111.60 spy, another 1/3 at 112.30-112.50, and the finally 1/3 at 113.20.

If we are lucky enough to reach 113.20 on the spy, I'll go 100% short into the weekend. Not sure if that will happen or not, but that's where I'd love to see it go.

Now, as for the unemployment numbers, I believe the market is a little scared right now of any news or earnings coming out. So, I believe we will sell off before the numbers and then rally once they are released.

The government will get out their erasers and make sure the numbers are better then expected, which will cause the small rally up.

If I think like a retail trader, then I would be thinking that the numbers are going to be bad, and therefore I'd be shorting before the numbers. So you need to do the opposite… wait until the numbers are released and go short after the rally has peaked.

On the other hand, if we rally into the numbers, then they really are bad and you should go short before Friday. But, I don't think that will happen. I think the market will pullback a little before the numbers, and then rally on them.

Regardless of how it plays out… look for the key levels to be hit that I listed above.

Red

sundancer390
sundancer390
14 years ago

red
the throwback to support scenario is playing out to a T.

gap above trendline on SPY monday morning
http://www.flickr.com/photos/47091634@N04/43226

fridays bear trap was confirmed on monday
http://www.flickr.com/photos/47091634@N04/43228

this morning “they” gapped the SPY above it's 8SMA triggering buy programs
http://www.flickr.com/photos/47091634@N04/43247

Red Dragon Leo
14 years ago
Reply to  sundancer390

Everything is working as planned. I'll probably get out of my USO calls tomorrow and sit in cash until I see where we are on Friday.

sundancer390
sundancer390
14 years ago
Reply to  Red Dragon Leo

Red,

I'm getting more vibrations that this friday “they” are going to close the market near 1144 to set up what was warned of 30 days ago, which was the second monday of January and this coming monday will be the second monday in february and they closed the market @ 1144.98 before they gave us the warning, I got a picture of it with the candle printed
http://www.flickr.com/photos/47091634@N04/43257

Red Dragon Leo
14 years ago
Reply to  sundancer390

I'm mis-understanding you? Are you thinking that they are going to run it up to 1144? The picture shows 1047? I'm lost?

Crash Gordon
Crash Gordon
14 years ago
Reply to  sundancer390

very interesting and thanks for sharing but where do these vibrations come from and what form do they take?

Also when you say closed to what exactly?

[Forgive me I am still new to all this and finding it fascinating]

Crash Gordon
Crash Gordon
14 years ago

Hi Red Your on the money so far !

Im just a bit worried that the nice gentlemen on the PPT team keep coming to the rescue next week as well!

Red Dragon Leo
14 years ago
Reply to  Crash Gordon

Yeah, you never know with those guys.

Apple Al
Apple Al
14 years ago

Red, if your interested………
http://screencast.com/t/YmM2YWMxOTIt
Only been working with this for about a month, you could say it's good at showing the obvious. It did start showing an increase in buying pressure about mid-week last week, also selling pressure line was diverging into Friday

Red Dragon Leo
14 years ago
Reply to  Apple Al

Great chart Apple Al… Thanks for sharing. It's definitely showing the bullish move that we are now having. The key is to figure out when it's going to rollover.

Apple Al
Apple Al
14 years ago
Reply to  Red Dragon Leo

I know, I know. This is either a 2nd wave or a B wave, in either case it's probably going to try our patience.

Apple Al
Apple Al
14 years ago

Red, if your interested………
http://screencast.com/t/YmM2YWMxOTIt
Only been working with this for about a month, you could say it's good at showing the obvious. It did start showing an increase in buying pressure about mid-week last week, also selling pressure line was diverging into Friday

Red Dragon Leo
14 years ago

Great chart Apple Al… Thanks for sharing. It's definitely showing the bullish move that we are now having. The key is to figure out when it's going to rollover.

Apple Al
Apple Al
14 years ago

I know, I know. This is either a 2nd wave or a B wave, in either case it's probably going to try our patience.

Crash Gordon
Crash Gordon
14 years ago

Hi Red Your on the money so far !

Im just a bit worried that the nice gentlemen on the PPT team keep coming to the rescue next week as well!

Red Dragon Leo
14 years ago

Yeah, you never know with those guys.

Red Dragon Leo
14 years ago

Everything is working as planned. I'll probably get out of my USO calls tomorrow and sit in cash until I see where we are on Friday.

sundancer390
sundancer390
14 years ago

Red,

I'm getting more vibrations that this friday “they” are going to close the market near 1144 to set up what was warned of 30 days ago, which was the second monday of January and this coming monday will be the second monday in february and they closed the market @ 1144.98 before they gave us the warning, I got a picture of it with the candle printed
http://www.flickr.com/photos/47091634@N04/43257

Crash Gordon
Crash Gordon
14 years ago

very interesting and thanks for sharing but where do these vibrations come from and what form do they take?

Also when you say closed to what exactly?

[Forgive me I am still new to all this and finding it fascinating]

Red Dragon Leo
14 years ago

I'm mis-understanding you? Are you thinking that they are going to run it up to 1144? The picture shows 1047? I'm lost?

spot_img

Latest Articles

s2Member®