Friday, April 12, 2024

Weekend Update…

Are all the bears dead now?

What a short squeeze that was on Thursday and Friday!  If that didn't clean out most of the bears, I don't know what will!  In fact, the guys over a Mr. TopStep stated... "Today is the largest gap up on any rollover in history."

So what does that mean for next week?  I see about an 69% chance of a gap down on Monday, and another down day on Tuesday to follow.  If Monday gaps up, it should provide the remaining bears the best spot to go short at.  That 1100 area has been hit 4 times in the last couple of weeks, and should still hold the market back on another hit.

The only way I see the market going through that level and holding it, is to consolidate there for several days, and then gap up above on the next day that has some great news to support it.  Trying to go up in a rising wedge pattern, and break the resistance, (like what we have now), is extremely difficult.

The odds are very low of sustaining a gap up, while in a rising wedge pattern.  There won't be any shorts left to squeeze on a gap up, and the market will likely reverse back down hard.  Falling wedges breakout to the upside, and rising wedges breakout to the downside about 69% of the time, according to Thomas Bulkowski's pattern site.

Besides the rising wedge pattern, we also have a perfect looking "MA Pattern", which is a very bearish pattern, with high odds of playing out to the downside.

Let's not forget that we still haven't put in a positive divergence on this chart found on Cobra's blog.  Cobra also posts the Institutional buying and selling chart, and the Fed's Liquidity chart too.  Also the Mutual Fund money flow chart.  Cobra is a very good chartists... much better then I am, and he's still bearish too.

As you can see from those chart, the big boys aren't buying into this rally... they are selling.  The Fed's aren't putting money into the market... they are withdrawing it.  The mutual funds aren't getting a huge inflow of new cash either, as you can clearly see by the chart, it's as the lowest level in many years.

Did Friday look to you like a lot of buying was going on by the big boys?  It didn't too me.  How about Thursdays' ramp job?  Did that look like the big boys buying, or just short covering?

How about this article showing that JP Morgan just sold the largest conduit deal in the CMBS market in nearly two years, for $716.3 Million.  It's a package that's backed by 36 fixed-rate commercial mortgage loans secured by 96 properties.   Hmmm, sounds a lot like selling Real Estate Investment Trusts (REIT's) in 2007... just before they crashed down.  I wonder if they took out insurance on them too, just like Goldman Sachs did with AIG?  They probably are short commercial real estate right too.

Look at this chart, that shows what the next ticking bomb is... and when it's likely to explode.  (Commercial real estate isn't shown in the chart, but it's due to hit about mid-2010 to 2011... I couldn't find that chart, sorry).

Then on Friday, Rip Van Trader caught a large trade of 3.5 Million shares being bought on TZA, the ultra short bear etf for the Russell Index.  Either someone is very rich, and doesn't mind losing a bunch of money, or they have some inside information that the market is going down over the next few weeks, not up.

Now, as for fake prints, I'll direct you to this print, showing 2 prints at 1055 ES... which will also fill the gap up on Thursday.  Notice how all the previous fake prints were hit within 1-2 days.  Will this one be different?  I think not. In fact, I think we will fill that gap on Monday or early Tuesday.

Here's another strange print showing 100.72 on the SPY (about 1000 SPX), and it has not been hit in a long time... meaning that it will likely be tagged very soon.  I think by Tuesday, but that's just based on my thoughts that it's going to take 2 days (Monday and Tuesday) to get the 60 minute charts extremely oversold.

Then a rally the rest of the week, to close out this triple witching option expiration week at a level that benefits the market makers the most.  Where... I don't know?

Red

P.S.  If you want to see a bullish case too... go read all the other blogs on the Internet, as many are turning bullish now.  I don't disagree with them, as they all have valid reasons for supporting their stance.  There are many charts that are turning back up now, especially the daily and weekly.  But, I'll let you decide which case makes the most sense too you.

Good luck to all the bulls and bears this week.

P.S.S.  Really interest read about Astrology during the next two weeks (click here to read it).

Red
Author: Red

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Imaginasian23
Imaginasian23
13 years ago

Nice assessment Red.

Hopefully my July Faz call will bank coin.
I wish everyone good luck.

Eric

Red Dragon Leo
13 years ago
Reply to  Imaginasian23

I think the big move is coming after opx Eric. Your FAZ should skyrocket then… assuming the market falls as I expect it too?

zstock7 Pro Select!
13 years ago
Reply to  Red Dragon Leo

Most of my peeps, don't understand June Gloom theory, so I posted your WU 6-12 Youtube link …at my site. I betcha they get it now!

Red Dragon Leo
13 years ago

Thanks Z… I appreciate that.

zstock7 Pro Select!
13 years ago

NFLX short 119, looking for a pullback to 110 or retest of 100, I have JULY 120 puts 7.15, using a 20% stop
DECK is another full price recovery, I'm looking at.

rationalnational
rationalnational
13 years ago

Red, good post. Saw this SPY false print last night and thought you might be interested: http://therationalnational.blogspot.com/2010/06

Have a good one!

Red Dragon Leo
13 years ago

Thanks Rati…

I have another one showing 20.16 spy. That one is even lower. Wow! If the spy ever gets that low, we really will be in the great depression two.

monicadern
monicadern
13 years ago

One more thing – that VIX print of 24 continues to lurk in my mind. Hopefully it doesn't get there before the sh*t really hits the fan.

Rip Van Trader
Rip Van Trader
13 years ago
Reply to  monicadern

That late Friday drop in VIX really bugged me, but I think it's OK, third hit on the lower TL of a falling wedge if you look at a ten day chart.

monicadern
monicadern
13 years ago

Very good post red. I have my fingers crossed but am afraid of a very big gap up to scare us out first. Anyway, I am sticking with my conviction.

Red Dragon Leo
13 years ago
Reply to  monicadern

Any gap up will likely fail very quickly Monica. I wouldn't worry too much about it.

Rip Van Trader
Rip Van Trader
13 years ago

Red, that buying in TZA was about 11am when things were looking very bleak for the bear cause, which cheered me up at the time, but it was later canceled out by selling. Still, TZA held up fairly well for the day despite the bullish outcome.

My gut about this week is that we may see a breakout on Monday, but that it will reverse on Tuesday and head south for a couple of days, or Monday could be a down day all the way. I don't think the low this week will be very low, i.e., something like 1060-1065 so that bears will be unlikely to cover, and I think we'll rally into OEX, but it will be to 1075-1080 where nobody will make any money except the operators.

Red Dragon Leo
13 years ago
Reply to  Rip Van Trader

Rip,

They really have done a good job of confusing both the bulls and the bears this time. I see lots of technical charts that look bullish, as well as bearish. It just depends on how you read them I guess?

There is certain no doubt in my mind that they will close out this coming Friday at a level that benefits them the most. Inbetween now and then, I expect a lot of whipsaw action.

I don't know if we will break below 1040 this week or next, but I don't get the feeling that there are very many bears in the market right now. That leads me to believe they will go down again, to lure them in.

Most bears won't jump onboard unless 1040 is taken out, which also leads me to believe they will pierce it this week, and run it back up into Friday… but to what level, I don't know?

Monday could gap up, but it should be quickly sold, as every bull will likely take profits at 1100, and every bear will go short there. I don't see any gap up holding without a lot more bears in the market. And since they squeezed most of them out on Thursday and Friday, that tells me they must take her down to get more back in the market.

As for the TZA purchase, who knows what goes on behind closed doors? Was it really canceled out? Maybe, or maybe not?

Either way, I still see the trend as down. I think some bad news will be released next week, to blame the sell off on. But, we are all just guessing, as no one really knows… (except TPTB of course)

anoopsan
13 years ago

powershares qqq trust series I weekly analysis
http://niftychartsandpatterns.blogspot.com/2010

bensjoyce
bensjoyce
13 years ago

From stockcharts there are many blogs of technical analysis, an ocean of study and ?confusion. It can get super complex out there. Choose your site there are many. I have a lot of homework to do. The site is the following: http://stockcharts.com/def/servlet/Favorites.CS

For the bears there is a guy named Anthony Allyn who reveals a bearish “diamond” pattern and says the S&P will be down 57 pts by the close Monday!! Atilla style. I hope so. I want to get my 5min Renko charts going. Here's where to find his analysis

http://stockcharts.com/def/servlet/Favorites.CS

Anthony Allyn's blog for the bearish case
http://stockcharts.com/def/servlet/Favorites.CS

http://stockcharts.com/def/servlet/Favorites.CS

anoopsan
13 years ago

Nasdaq composite weekly analysis
http://niftychartsandpatterns.blogspot.com/2010

zstock7 Pro Select!
13 years ago

FFIV quad top 73-74, SHORT that. 39 p/e, lot's of downside to work with.
Red, I don't post very many losing short trades. In the current trend, shorts are getting easier.
Use a 74.5 stop

zstock7 Pro Select!
13 years ago

Red, I'm looking at SCCO with interest, FXA stock, used to be PCU. Peru copper..Its right at its 200 day =30.7. A test, above 30.7 and these other stocks should head higher, otherwise, retest of last recent lows.
Other FXA stocks, BVN,CLF,FCX, their direction are usually the same as SCCO..
NEM ,GG, etc, are not FXA , they are GLD

Red Dragon Leo
13 years ago

Looks like they are trying to run the futures higher too Z… Maybe we will get a gap up and crap tomorrow morning?

zstock7 Pro Select!
13 years ago
Reply to  Red Dragon Leo

futures up 51 midnight…Nikkei up 2%. That figures. Nikkei is rather low.
Red, VIX could test 27.5 Monday, 25.5 is the VIX 50 day…The VIX 50 day is where a person could wake up the next day, and see all the stocks red..
Tuesday, looks bad for GLD…PPI report, show energy costs down ( deflation) .

Bulk-sms
Bulk-sms
13 years ago

instant messaging service

Rip Van Trader
Rip Van Trader
13 years ago

Eh, FTSE is testing resistance at 5200, and it could be going better for the bulls. Maybe we'll catch a break today.

anoopsan
13 years ago

SPY trading in a range shown in half hour chart
http://niftychartsandpatterns.blogspot.com/2010

monicadern
monicadern
13 years ago

Notice the high number on the S&P so far? Seems a little suspicious. 1099.86

anoopsan
13 years ago

SP 500 resistance zone in chart
http://niftychartsandpatterns.blogspot.com/2010

anoopsan
13 years ago

Dow jones broke out of the flag on friday and will find tough to cross 10320-10330
http://niftychartsandpatterns.blogspot.com/2010

Red Dragon Leo
13 years ago
Reply to  anoopsan

Thanks San….

I think this is just a false breakout and it will likely reverse by tomorrow.

anoopsan
13 years ago
Reply to  Red Dragon Leo

Leo it may be a false break out but there are other possibilities like this one. A double bottom in the making but needs price confirmation

http://niftychartsandpatterns.blogspot.com/2010

Rip Van Trader
Rip Van Trader
13 years ago

Wow, even though I was mentally prepared for this, living through it bites the big one.

Low volume follies as far as I can tell.

Red Dragon Leo
13 years ago
Reply to  Rip Van Trader

Yeah Rip…

It's pretty hard set through this… even knowing that it's clearly done to clean out the stops above 1100, it still hurts.

jimhobson
jimhobson
13 years ago

Friday i moved into TNA , TYH and SSO.

Dow is going to 10840 and S&P 1120-1140.

i will sell all long above 1120. probably happen this week.

cheesgo
cheesgo
13 years ago
Reply to  jimhobson

The market looks like to move higher. on short term time frame, it wiped out all the negative Div by today's move up

I would think it will consolidate here and move higher. there will be no sell-off. i even double there is any hard pull backs, maybe 1090-ish

Rip Van Trader
Rip Van Trader
13 years ago

Just bought some more TZA calls.

I have a passel of those pooches.

jimhobson
jimhobson
13 years ago

Actually chart pattern predicted the up to 1140 to form a right shoulder.

Does not mean iam not a bear. The market is going down but we are headed to a lower high.

Rip Van Trader
Rip Van Trader
13 years ago
Reply to  jimhobson

Jim, you should see this: http://humblestudent777.blogspot.com/2010/06/ti

The idea is that the H&S is already formed, but in a compressed time frame.

jimhobson
jimhobson
13 years ago
Reply to  Rip Van Trader

I saw that & I was on board. I still do not see a fundamental reason to go long but the markets since Thursday are saying something else.

And to add this am i got an alert from Weiss to go long spy.

Rip Van Trader
Rip Van Trader
13 years ago
Reply to  jimhobson

Well, they're saying “Don't go short”, that's for sure. I wish I had stopped out on Thursday.

monicadern
monicadern
13 years ago
Reply to  Rip Van Trader

We sort of need to turn soon to make it happen today.

Rip Van Trader
Rip Van Trader
13 years ago
Reply to  monicadern

We could have a red candle today, or a white today and a red tomorrow, or even go a little higher today, but I agree that today pretty much has to be the day.

VIX showing a little life, finally.

monicadern
monicadern
13 years ago
Reply to  Rip Van Trader

For my purposes, there has to be a serious reversal today.

monicadern
monicadern
13 years ago
Reply to  monicadern

And a news event would seal the deal.

anoopsan
13 years ago

Dow jones the resistance seems to be strong
http://niftychartsandpatterns.blogspot.com/2010

monicadern
monicadern
13 years ago

I'm so tired of waiting. Will someone just kick this thing in the nuts?! My concerns are that we made a higher high today than June 3 and that we are all bearish but I am still short.

Red Dragon Leo
13 years ago
Reply to  monicadern

ROFLMAO Monica

I'm kicking now!

Rip Van Trader
Rip Van Trader
13 years ago
Reply to  monicadern

Today is the reversal day according to the lunar calendar, which is usually accurate. Let's hope it's not a reversal from hope to despair.

We've had a false breakout, though going above 200dma would bring in more yokels, I imagine. I don't think there are enough buyers to pull it off.

monicadern
monicadern
13 years ago
Reply to  Rip Van Trader

Yes, it is supposed to be but I find it odd that they took the S&P just slightly higher than the 6/3 high which makes me think the bear case might be dead. If we don't have a reversal today, I am out.

monicadern
monicadern
13 years ago
Reply to  monicadern

In fact, I can see them taking it lower now to suck more bears in only to ram it in their face. I said to myself, if we get higher than June 3rd highs, I would cover. So why am I still in my positions?

Diablos
Diablos
13 years ago
Reply to  monicadern

I hear ya about still being in your short position.

This chart

http://4.bp.blogspot.com/_OpWmYZm7O8I/TBLYQjyh3

indicates a possibility of wave 3 down about to start. Its something…

monicadern
monicadern
13 years ago
Reply to  Diablos

All i can do is pray at this point.

monicadern
monicadern
13 years ago

Guys, if we don't have a reversal today, I probably have to cover. This just sucks.

Reza
Reza
13 years ago

WTF- Airlines on a buy list after jet fuel spikes up

zstock7 Pro Select!
13 years ago
Reply to  Reza

Hi Reza! Watch out that $XAL doesn't go 15% higher from here! These guys are on fire, with all of their extra add on fees.

monicadern
monicadern
13 years ago

Does anyone find it weird that oil remains stable/up even though all the oil companies have been hit hard?

Red Dragon Leo
13 years ago

The volume is so low today that I don't think anyone is doing any trading. They should have just closed today for a holiday or something… with this kind of volume.

A big move is likely coming… which direction is unknown?

monicadern
monicadern
13 years ago
Reply to  Red Dragon Leo

up since I am always on the wrong side!

jimhobson
jimhobson
13 years ago

Nenner Update This am:

S&P/Nasdaq
We are close to the projected cycle low
The weekly cycle that topped around mid May is supposed to bottom in a week
It is possible that we already saw the low
A close for the S&P above 1121 will be an indication of this
We sold from longs our S&P position around 1200 and the Nasdaq around 2000
Therefore, we can be patient and still wait – especially since the bounce can still be only part of a small Wave 4 up
In any case, we expect the next up move to run into trouble in Aug
What we do know is the following: in case of one more correction, it is time to buy on weakness

monicadern
monicadern
13 years ago
Reply to  jimhobson

He's been off for a while now.

jimhobson
jimhobson
13 years ago
Reply to  monicadern

His timing can be off but his cycle lows are very close.

monicadern
monicadern
13 years ago
Reply to  jimhobson

Not that we haven't also been wrong!

bensjoyce
bensjoyce
13 years ago
Reply to  jimhobson

jawizz sees a sell off friday opx

monicadern
monicadern
13 years ago

oh my goodness – just turned my head and we had a big drop. G-d please let this be it. PLEASE!!

Anna
13 years ago

should fill the gap then reverse and go higher (that's just today)

monicadern
monicadern
13 years ago
Reply to  Anna

Thanks Anna. Where's the gap?

monicadern
monicadern
13 years ago
Reply to  Anna

nevermind. I see it around 1091. Thanks!

Anna
13 years ago
Reply to  monicadern

Hey girlfriend hang in there, our time is coming 🙂

Rip Van Trader
Rip Van Trader
13 years ago
Reply to  Anna

How about go to fill the gap and never come back? That would sure mess with a lot of people.

monicadern
monicadern
13 years ago
Reply to  Rip Van Trader

unfortunately anna is usually right! i'm going to stay put though only because gs is under 135.

Rip Van Trader
Rip Van Trader
13 years ago
Reply to  monicadern

“Honey, I'll be right back. I'm just going out for a pack of cigarettes.”

“I'll be sure to fill that 1091 gap while I'm out.”

monicadern
monicadern
13 years ago
Reply to  Rip Van Trader

ha ha!

Anna
13 years ago
Reply to  Rip Van Trader

Oh I would love That!! 🙂

Rip Van Trader
Rip Van Trader
13 years ago
Reply to  Anna

lol, it would sure help my stress level!

Anna
13 years ago
Reply to  Rip Van Trader

You and I both Rip 😉 Great luck to us bears 🙂

cheesgo
cheesgo
13 years ago
Reply to  Anna

do you think we will close above SMA 200 today?

Anna
13 years ago
Reply to  cheesgo

Hi chees, No I don't 🙂

monicadern
monicadern
13 years ago

GS testing 135 again. This is a critical time for bears.

Anna
13 years ago

Maybe bounce to 1093 then lower 😀

anoopsan
13 years ago

SP 500 price trading near resistance and support lines
http://niftychartsandpatterns.blogspot.com/2010

Rip Van Trader
Rip Van Trader
13 years ago
Reply to  anoopsan

Great catch, San! Can you imagine the newspapers trying to explain that one?

anoopsan
13 years ago
Reply to  Rip Van Trader

Thanks rip van, Let's see if it breaks and closes below that trend line

Rip Van Trader
Rip Van Trader
13 years ago
Reply to  Rip Van Trader

From Yahoo news:

“2:00 pm : A sudden flurry of selling pressure has sent stocks to session lows. There isn't any immediate news item or trading catalyst to account for the sudden change of tone, though.”

LOL

monicadern
monicadern
13 years ago

gs not making lower lows. Not so good.

RecnadnuS
RecnadnuS
13 years ago
Reply to  monicadern

As predicted last week. Divergence on the 60's. Gave back most of the gains. So far, so good!

http://www.screencast.com/users/has001u/folders

Anna
13 years ago

Just a bounce to work off oversold short term indicators I say the selling picks up last hour 🙂

cheesgo
cheesgo
13 years ago
Reply to  Anna

thanks for the clarification

so you are looking for a reversal down day today?

Anna
13 years ago
Reply to  cheesgo

sure Chees!!!

I am looking for at least a retracement to 1180 , hopefully 1060 🙂

IlliniKap
IlliniKap
13 years ago

Saw fake print on SPY of 109.05 a short while ago. Also, look at the upper trendline I've drawn on the NYSE Daily Tick. Still haven't broken through and we keep making lower lows and bouncing off the lower trendline I've drawn.

http://content.screencast.com/users/illinikap/f

http://content.screencast.com/users/illinikap/f

IlliniKap
IlliniKap
13 years ago
Reply to  IlliniKap

Links may be wrong. Here you go:

SPY Fake Print – $109.05

http://www.screencast.com/users/illinikap/folde

NYSE Daily $TICK

http://www.screencast.com/users/illinikap/folde

Anna
13 years ago
Reply to  IlliniKap

I have the same and 106.08

Rip Van Trader
Rip Van Trader
13 years ago
Reply to  Anna

Anna, I have some June puts to get rid of. Do you think 1060 is a good target for the next couple of days? Would you hold any to OEX?

Anna
13 years ago
Reply to  Rip Van Trader

Rip, I always tell folks never ever buy front month options, its like giving your $$ $ to the MMs. never do a straight option with less than 30 days out. or theta will get you everytime.

normally opx is bullish but not a triple witch 🙂

So if you can stand it I think we see 1080 possible 1060 :)(most likely the 1080)

Rip Van Trader
Rip Van Trader
13 years ago
Reply to  Anna

You are very right. I couldn't resist a little gamble, but I am mostly ETF equities.

I got stuck with the options in last week's rally, which was a complete surprise. They are hot potatoes now.

Anna
13 years ago
Reply to  Rip Van Trader

Well I truly wish you the best and hope they rock for ya!

Rip Van Trader
Rip Van Trader
13 years ago
Reply to  Anna

Thanks, Anna, and good luck!

Anna
13 years ago
Reply to  Rip Van Trader

You too Rip I think we shall be just fine 🙂

monicadern
monicadern
13 years ago

I didn't think we filled the gap but maybe I was wrong?

Anna
13 years ago
Reply to  monicadern

Nope not yet girl
We need to hold the bulls here or ??? fugly

monicadern
monicadern
13 years ago

C”MON BEARS!!!

anoopsan
13 years ago

SP 500 indicators showing negative patterns
http://niftychartsandpatterns.blogspot.com/2010

zstock7 Pro Select!
13 years ago

I have VIX moving higher signals, for Tuesday. the VIX could retest 27.2, and then head higher.

monicadern
monicadern
13 years ago

Gap fill. We bounce now? Hanging on to short.

Anna
13 years ago
Reply to  monicadern

there you go as I promised ! 🙂

monicadern
monicadern
13 years ago
Reply to  Anna

You're good Anna. Here comes the bounce? I think we make one more retest of 1100 but I am staying short anyway.

Anna
13 years ago
Reply to  monicadern

🙂 thanks I am too. I think tomorrow is a downer 🙂

anoopsan
13 years ago

Dow jones cci indicators clearly showed weakness by breaking the trendline before dow broke its trendline.
http://niftychartsandpatterns.blogspot.com/2010

monicadern
monicadern
13 years ago

Red, it may not be a lot of red, but I am sure happy to see some red!

Red Dragon Leo
13 years ago
Reply to  monicadern

I'll take whatever they give me at this point Monica…

RecnadnuS
RecnadnuS
13 years ago
Reply to  monicadern

It is considering that we were up big time and the BULLS could not hold on!

Notice the volume osc held resistance as I said it would on Friday. As did Red.

Pretty reverse div. The market speaks to those that can hear.

http://www.screencast.com/users/has001u/folders

monicadern
monicadern
13 years ago
Reply to  RecnadnuS

Thank you!!!!!!!!!!!

IlliniKap
IlliniKap
13 years ago

Take a look at TZA and SPX on an Hourly Chart. TZA looks like it's going to form an H&S, while SPY looks like it's going to chart out an inverse H&S. So we could just pullback tomorrow to like 1070-1075, before moving higher and breaking through the neckline and all the resistance around 1105-1106.

anoopsan
13 years ago

Dow jones end of day analysis
http://niftychartsandpatterns.blogspot.com/2010

cheesgo
cheesgo
13 years ago
Reply to  anoopsan

do we need to test the falling wedge upper trendline?

anoopsan
13 years ago
Reply to  cheesgo

I have a feeling that's what dow is trying to do and this correction may end there. The index might bounce from the upper trendline of the falling wedge

zstock7 Pro Select!
13 years ago
Reply to  anoopsan

Shorting Q's @ 46, is still working, too!

Rosabarba
13 years ago

Consider the $USD chart, particularly the recent action around the 10dema and 20dema, and the correlation (sometimes stronger than others) between dollar weakness and strength in equities.

Red Dragon Leo
13 years ago
Reply to  Rosabarba

The dollar fell hard today, that's for sure. It needs to find support and bounce if the market is going to fall hard tomorrow. It might not, and instead only backtest the 1080 broken trendline, from the falling channel.

The dollar, and of course it's opposite… the euro, are the key to whether tomorrow is a small down day, or large one?

Rosabarba
13 years ago
Reply to  Red Dragon Leo

Perhaps … the dollar/euro could fall/rise quite a bit without jeopardizing their primary trends, but divining clues of tomorrow's action based on today's currency moves requires more art than I possess.

The bulls didn't exactly throw in the towel today … a test of major resistance on light volume sold off, not exactly a game changer. Going forward, will the market build on recent support or sell off? I dunno, though I don't think the current action calls for aggressive shorting. $NYSI/$NASI, by design lagging indicators, have started ticking up and also seem to suggest caution to the bears.

anoopsan
13 years ago
zstock7 Pro Select!
13 years ago

Red, sweet… Fade the gap up 8:15, great call. 103 -103.5 on the DIA, for Tuesday is the resistance, again.
VIX is moving higher, either Tuesday or Wed, imo.

Red Dragon Leo
13 years ago

Quite painful to watch the market float up today… on nothing but air. However, the sell off into the close will nice.

bensjoyce
bensjoyce
13 years ago

Zew is out tomorrow. that is a sentiment survey and concidering the turmoil in euroland I would have to guess that it will be weak. meaning weak euro. and maybe Dax and ftse goes down some.

I've had it with this crash scenerio. I still have to evaluate but I think maybe jawizz is right tomorrow. down steeply then rally

Red Dragon Leo
13 years ago
Reply to  bensjoyce

LOL…

It sure looks that way Ben. Dip then rally, exactly what I expect to happen, and so does everyone else. But will it? I really don't know at this point, but I do believe everyone has given up on the crash for now.

Everyone is now expecting that right shoulder to carve out first, and then another sell off. I just have to wonder now, since everyone was expecting a crash that didn't happen, and now everyone is expecting a right shoulder… will the market be so nice to allow everyone to go short at the shoulder?

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