Friday, June 14, 2024

Weekend Update…

Back to the Future we go... date: February 5th, 2010?

I'm going to do 2 video's for this weekend update.  The first one will discuss the bigger picture, including the real news of what's going on, and I'll also revisit the fake prints to try and fix them in the picture.  On the second video I'll cover the technicals, a little Astrology, and then try to forecast where we might go next week.

One of the articles I talk about in the video is "Was Gulf spill an inside job?"  This follows the money trail to show you all the players involved in the oil disaster.  It was done on purpose because "TPTB" were losing there support to get the "Cap and Trade" bill passed.  It was basically a "dead bill", after so much attention was put on Goldman Sachs for a century of corruption, that was exposed by Matt Taibbi's in an article he did called The Great American Bubble Machine”.

That caused a big stir for Goldman, as their plans to create an bubble with the "Cap and Trade" bill was now exposed.  So how do you get the public to support the bill again?  Stage a disaster that will make them angry enough to allow more regulation in the oil, coal, and other NON-Green technologies... aka, the piece of trash "Cap and Trade" bill.

The other article that gives you more clues that the event was staged, was this article "ILLUMINATI Card Game..BP Oil Spill Was Planned?", in where a man named Steve Jackson puts out a deck of cards on the BP and 911 events before they happened.

Maybe you don't believe these events were staged, and the twin towers actually fell because of planes hitting them... and not the explosives that were planted, which caused them to "blow up", instead of "collapse" from burning jet fuel melting the steal beams.  Hmmm... well it seems that Prime Minister David Cameron knows they were blown up, not collapsed, as told so in this speech he recently gave... "UK PM David Cameron: “9-11 when the twin towers were blown up”"

Here's more evidence that 911 was staged "Who really did 911?".  Another really big "false flag" event is going to be staged to cause the total collapse of the stock market later this year, I do believe... but what will it be?  Will it be World War Three?  I hope not, but the Illuminati inside the Federal Reserve have been trying to get North and South Korea to go to war with each other, as well as Israel and Iran.  I do believe a nuclear war is on their agenda.  I just hope it is stopped from happening, and these gangsters are arrested before they destroy the world.

The stock market is how these people profit from, and get rich from... these staged events.  The fake prints tell us where the market is going too, but not when.  While it is still possible that next week the market collapses, I don't think it will.  They still follow technicals on the charts (to some degree), and the weekly and monthly charts show that this could drag out until fall of this year, before the "death cross" (the moving averages crossing over each other) occurs on them.

Here is the link again from last weeks' "Weekend Update", that shows you that next week is horrible from an Astrology point of view.  As posted by "Phoevos" (thanks again), here is the latest post about this coming week.  Although I do believe that the alignment of the planets, stars, and moon do effect peoples' mood, (which should effect their decision to buy or sell in the market), I don't think it will work this time.

The market is now so heavily controlled by "Skynet" (High Frequency Trading Computer Programs, aka HFT), that the mood of the people is irrelevant as more buying and selling is done by computers now.  The people have too little power to move the market.  In the past they did, but I believe it's changed now, as Skynet runs the game.

Now that doesn't mean I don't see the market as selling off some next week, as I do.  I just don't believe we are going to get "The Big One", as we all thought was going to happen.  I think the 1080-1090 area is likely to be hit this week.  (This is all assuming that the "false flag" event is scheduled for later this year, and not next week).

As for the Bilderberg meeting that was held on June 4th-6th recently, it is now clear to me that they are pumping more money into the market, (as confirmed on Cobra's blog with the Fed Liquidity and Institutional Buying and Selling charts).  This means they were buying while the market was basing around 1040 spx.

The question is, how much did they buy?  The amount makes a difference in determining whether the move up to our current 1120 area is enough profit for them, or are they waiting for a much higher level to be hit before unloading and going short?  Will the 1150 area (the right shoulder) be enough, or will they fake everyone out and put in a new high?

Using some common sense, I think based on the volume at the current level... they aren't selling yet.  Meaning, they must have picked up a large amount of shares around the 1040-1060 area, which will take more time to unload, similar to the April high.  Notice how chopped around in about a 30 point range for several weeks, before plunging with the flash crash.

My point being is... if they are heavily long in the market right now, from the flash crash low, and the 2 lows around 1040, they are going to want a much higher price to unload that many shares.  Think about it like this, the February 5th low never retested, and they managed to push the market up until April.

They have now had 3 similar lows to accumulate long positions, and that tells me that they are planning on stretching this out for several months, putting in a much higher high then the April one.  Keep in mind here folks, that I'm just guessing at what appears to have happened.  I don't know for sure that they are heavily long, but I do think that's the most likely scenario to have occurred.

On this monthly chart you can see that the 200ma is at 1048.77, which we pierced twice this month, but are now back up higher from it.  While I don't have a longer term chart to test, I do believe that it is rare that any time period of a chart hit's its' 200ma, and goes through it on the first hit.  The 200ma is very strong support on all charts, and will almost always provide a good bounce from it.

The exception was of course the nasty "C" wave (or wave 3) from the 2008 fall.  If we were in a "C" wave (or wave 3) down right now, then "yes" we should slice through the 200ma like hot butter.  But, we are in the light volume summer months now, and not even sure if we are in Larger Wave 1 down, of Primary Wave 3 or not?  We could still be in Primary Wave 2 UP?

While the histogram towers are rolling over, and the MACD leveling out now, that doesn't mean we are ready to fall off a cliff yet.  I do believe they are going to extend this out until this fall, before total collapse occurs.  And NO, I'm not Bullish... I haven't defected, I'm still a Bear.  But, the chart's tell me we are going higher to sideways for the next few months.

I'm still very bearish on the economy, but you and I both know that the economy and the market are on two different sides of the same coin.  The economy lives in the real world, and the stock market lives in Fairyland.

Ok, that's more then enough to fry your brain for now.  Bottom line, I think next week will choppy around a lot, but end up going down to form a "B" wave, in a larger ABC (or 5 wave push up?) wave up to DIA 118.16 (which could take months?).  Monday could sell off a little, trap some bears, reverse hard on Tuesday... then fall back the rest of the week.  The 1080 area is key, as a weekly close below that level could set the stage for another sell off.

Red

Red
Author: Red

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steveo77
13 years ago

Maybe put your poll right near the top, and then more people will vote?

I did a pretty good rant / summary

http://oahutrading.blogspot.com/

Red Dragon Leo
13 years ago
Reply to  steveo77

Hey Steveo… your site is looking much cleaner now.

As for the poll results, I think the StockTwits is the only one people care about. So, I'll just leave it on there, and keep the others off… just like it is now. I'll leave the polls up for awhile longer though, but I don't expect the results to change.

steveo77
13 years ago
Reply to  Red Dragon Leo

Thanks, how does it display on your computer monitor? Links and topics all readable?

steveo77
13 years ago
Reply to  Red Dragon Leo

Did you know eclipse coming up the 26th, get that on your radar perhaps?

Red Dragon Leo
13 years ago
Reply to  steveo77

Yeah, I know there are a lot of astro events coming up. Just don't know how much it will affect the market with Skynet in control?

You site displays fine, but the header isn't “click-able” anymore. Plus it needs to be the same width as the rest of the site.

steveo77
13 years ago
Reply to  Red Dragon Leo

thanks, I am getting ready for another trip so probably cant do much for a week or so.

anoopsan
13 years ago

EUR/USD approaching Ichimoku cloud resistance
http://niftychartsandpatterns.blogspot.com/2010

newbear
newbear
13 years ago

Hey red, great videos. They never make it easy now do they. It does seem like both bulls and bears get creamed more often.

amolpatil2k
amolpatil2k
13 years ago

I can't help myself from linking the gusher to Igor Panarin

http://online.wsj.com/article/SB123051100709638

anoopsan
13 years ago

world markets view before opening bell
http://niftychartsandpatterns.blogspot.com/2010

katzo7
katzo7
13 years ago

1143.50 is the .618 retrace level for the day, much above that unless a spikey head fake, has potential to break the EW down pointing count on the day chart.

jimhobson
jimhobson
13 years ago

I hope we hit 1140-1150 quickly. Its going to be tough enough holding shorts this am.

katzo7
katzo7
13 years ago

Believe it or not, I am getting 1118.75 ES as the retrace level for this morning up move.

Rip Van Trader
Rip Van Trader
13 years ago
Reply to  katzo7

Great call, Katzo!

katzo7
katzo7
13 years ago
Reply to  Rip Van Trader

Thnx Rip

katzo7
katzo7
13 years ago

triangle broke
1124 hit and broken
1123 testing now

Anna
13 years ago

http://www.hotoptionbabe.com/blog/23-are-we-qth

as I mentioned we could have a wee bit more to go. I disagree w/Red on that we only get 1085 or so and then on to higher highs,
I think the final quarter of this year, there is will some smoke and real fire!

Anna
13 years ago

BTW Gold up Silver up $ up TNX up SPX up come on~!

anoopsan
13 years ago

EUR/USD hour channel with ichimoku cloud updated
http://niftychartsandpatterns.blogspot.com/2010

Diablos
Diablos
13 years ago

Old chart:
http://www.screencast.com/users/rcjstocks/folde

Updated version:
http://www.screencast.com/users/rcjstocks/folde

If chart holds, would not expect closings higher than
Monday 1143.50
Tuesday 1138.50
Wednesday 1134.50
Thursday 1129.00
Friday 1124.00

anoopsan
13 years ago

Dow jones trying to break the cloud
http://niftychartsandpatterns.blogspot.com/2010

Red Dragon Leo
13 years ago

Why do I get the feeling we can sleep through this day, and not miss anything?

anoopsan
13 years ago

Dow jones above 50% retracemen level
http://niftychartsandpatterns.blogspot.com/2010

monicadern
monicadern
13 years ago

Just came home – strange that the VIX is up.

Red Dragon Leo
13 years ago
Reply to  monicadern

It will be interesting to see what happens on June 25th, that's for sure.

anoopsan
13 years ago

SP 500 facing resistance at 50% fib retracement level
http://niftychartsandpatterns.blogspot.com/2010

Red Dragon Leo
13 years ago

This is going to be one long boring summer if the market continues like today.

sela84
sela84
13 years ago
Reply to  Red Dragon Leo

day trade it and it will be hell of a ride :))

Red Dragon Leo
13 years ago
Reply to  sela84

You are right sela… daytrading is about all you can do right now.

sela84
sela84
13 years ago
Reply to  Red Dragon Leo

i noticed that the only way i am able to make money on market is day trading 🙂

Red Dragon Leo
13 years ago
Reply to  sela84

Yes, it seems that the market is getting back to those very controlled and tight sell offs and rallies. Perfect for day traders, as the volatility is low enough to “not panic” while long a position.

During the sell off, it would have be a little more risky, be it seems that the storm has past over… for now at least.

I am the eggman
I am the eggman
13 years ago
Reply to  Red Dragon Leo

I dont know Red. The China ice-ick-el melted quickly. I just read your diatribe under your charts. Man, to each their own but you need to get your facts straight. The sources you quote have for the most part been discredited. Purdue, MIT and even Popular Mechanics have looked into the 911 affair.

I have always found it interesting that the conspiracy folks will never debate their point with a prominent media figure, especially on FOX.

illuminati
illuminati
13 years ago

LMAO. Dude, you are so brainwashed. See? To the conspiracy nuts, anyone who doesn't buy into their insane babbling, has been brainwashed.

I am the eggman
I am the eggman
13 years ago
Reply to  illuminati

I am just trying to turn a buck in the market. But, 911 took place a few blocks from where I attended HS. To blame the Mosad given the number of Jews that were killed that day is insane.

The dude that wrote the Rolling Stone article is hiding under his desk as 80% of that article has been totally discredited.

To my Jewish friends, I now see how WWII happened. As an agnostic these are the things that make me wonder if I am wrong! When times get bad it is only a matter of time…..

And to say that the North Korean Bombing was a conspiracy. Man, my cousin is serving in the region, there are eye witnesses to the even.

Scary stuff!!!

Red Dragon Leo
13 years ago

Are you saying that you believe that the planes took down the twin towers and not explosives?

As for debating on FOX… how could anyone do that when that network is part of the control group? FOX, and most other news agencies are the source of all the cover up stories. The truth can only be found on the Internet, in various places. But Obama is going to take that freedom away too, and censor it as well.

If you're the eggman, you should know that John Lennon would definitely agree that most all of the large events are staged.

I am the eggman
I am the eggman
13 years ago
Reply to  Red Dragon Leo

That's were you are wrong my friend. John Lennon wanted change but was not a radical. That is what “Revolution” was all about.

He also said to never trust anyone over 30 but changed his mind once he was 30+ himself. But it is a good point. Yoko and John were on Mike Douglas asking for all the inmates in Attica to be freed. That is a fact.

Yoko won't have any part of that now!

Dumbocracy
Dumbocracy
13 years ago

Egg(head), Sorry couldn't resist…

Anyway, lemme just say that I am a commercial airline pilot. I can personally vouche that the crap they have pumped into the public's head about what happened on 911 is complete bollocks!
The physics alone are unsupportable. e.g. the supposed 757 which hit the Pentagon, which I am licensed to fly btw, allegedly skimmed the ground at 500mph and 5' above the ground before striking the Pent. Not only does that supersede all G-force ratings of that aircraft but every aircraft known to man. Only a a missile with spit second, algorhythmic computers and very little mass can a)make the necessary corrections to do so and b) be lithe and light enough to withstand said forces to maneuver.

I mean, it gets really preposterous when one applies REAL science and not viewing the whole thing through patriotic fervor.

I could go on about the structural integrity and strength of the skin of an aircraft as well. I personally have had over a half dozen birdstrkes throughout my career in various aircraft. and

Dumbocracy
Dumbocracy
13 years ago
Reply to  Dumbocracy

I can show you pictures of what a small bird or hawk can do to the paper thin hull of an aircraft moving as slowly as 150 knots. It peels it back like a sardine can!

So let me just say that ANYONE who thinks a plane, made of 1/2 inch aluminum can topple a building whose STEEL and CONCRETE outweigh it by megatons and whose very structure was designed to withstand it is a) naive b) in denial c) ignorant or d) actually intends to deceive everyone else.

The problem is that too many boobs shout down logical people, and sling conspiracy theorist at them as if the very phrase discredits reason and sound logic.

I am sorry but I know my profession and it makes me very angry that so many pilots have been silenced and the ones that buy into the arabs doing it is because of their patriotic bent that they chucked out their reasoning for bloodlust or dogmatic party beliefs

I am the eggman
I am the eggman
13 years ago
Reply to  Dumbocracy

Whatever, dude. I have a Bachelors in Physics and a Masters In Engineering. But most importantly I know too many eyewitnesses.

This had nothing to do with Patriotism. Why wont any of these supposed experts submit to a debate. By your rationale, the Jet should have never have survived the impact into the Hudson.

And your assertion that the towers were designed to take that impact is again ridiculous. I grew up in NYC and my father was a steel worker on the towers. I worked for the Engineering firm as a co-op student. Unbelievable!

Dumbocracy
Dumbocracy
13 years ago

So far you said who you knew and what you do…I hear no facts….as far as the Hudson it wasn't a head on impact….physics degree? have you ever skipped a stone across water Einstein. YOu can type whatever degree you want but clearly you know nothing of Physics

Dumbocracy
Dumbocracy
13 years ago
Reply to  Dumbocracy

Every firefighter interviewed before the media machine went into high gear said it looked like any other demolition project they had overseen….even your blessed FOX had initial reactions from reporters saying the same thing as it unfolded live.

Oddly all of those clips can no longer be heard on any news outlet tapes or internet. Purged because ppl were raw, visceral and logical.

They knew what they saw. It wasn't until they were coaxed into needing an external enemy that they through out sound reasoning

Dumbocracy
Dumbocracy
13 years ago

As far as debate, there are at least a half dozen people who were in the Towers that have been touring the country for years BEGGING for debate. Clearly, you hear only what tickles your ears…

Dumbocracy
Dumbocracy
13 years ago

I would like to ask you examine your mental posture. Your first reply is telling. “Whatever dude…”

It smacks of the same hubris everyone flings into the face of people who have legitimate questions about the veracity of the horrible day. If you really have that background, ask yourself if you have ever truly applied it to honest investigative pursuit or flippant dismissal….I find it hard to believe someone with your background could not easily understand the major holes in the govt story no matter what the real impetus for such attacks

anoopsan
13 years ago

Dow jones hour chart with bull flag formed on friday
http://niftychartsandpatterns.blogspot.com/2010

anoopsan
13 years ago
monicadern
monicadern
13 years ago

What does anyone make of the move down in gold,, if anything?

Anna
13 years ago
Reply to  monicadern

someone wants to get in ;;=)

Geccko23
Geccko23
13 years ago

The market has reversed today. Gapped up at the open and made its high of the day near the gap open. Positive breadth is tepid. All in tune with my turn date cycle.
Another thing: hitting important resistance early in the week, especially near the open of the first day of the week is very bearish. In this case, Dow tagged 50 day average and there is a 21 week average high channel up around 10600. Probably tagged some BBs too. I'll have to check

Red Dragon Leo
13 years ago
Reply to  Geccko23

Yes, the daily chart is looking quite toppy now. We should see a pull back this week I believe.

Geccko23
Geccko23
13 years ago
Reply to  Red Dragon Leo

Another thing. On these big meltup days the last few weeks, the indices never dropped below their gap opens and rocketed higher into the close finishing at the high of the day. Today, they barely spent any time above their gap opens. Nasdaq is already down. It should have been leading to the upside.
The a-holes did their magic yesterday opening the globex session with their bogus China rumor. Futures were up big last night. The Dow futures were +150. I didn't see the open today.
Euro was up big last night too. Now gold and the euro have reversed.

Red Dragon Leo
13 years ago
Reply to  Geccko23

We still don't have gap fill on the spx, but if we get it today, it's sure is going to be a very bearish sign for tomorrow. Turn-o-round Tuesday?

Geccko23
Geccko23
13 years ago
Reply to  Red Dragon Leo

I expect every index to finish in the red by the close. If I hadn't felt like I had spent the past 2 weeks in a meat grinder, I would be loading up even more. I still might but I'll let the market drop below some key averages that have started to downslope (on 60 min chart)

monicadern
monicadern
13 years ago
Reply to  Geccko23

Oh no! You just jinxed us! I have spent the past 3 weeks in a meat grinder. I don't think there is anyway I can be made whole again.

monicadern
monicadern
13 years ago
Reply to  Geccko23

VIX not correlating.

Red Dragon Leo
13 years ago

Explain this for me Eggman. How does jet fuel melt steel “I-Beams”?

Burning temperature of jet fuel…
http://www.mepetroleum.com/jet_fuel.htm

Melting temperature of steel…
http://education.jlab.org/qa/meltingpoint_01.html

Dumbocracy
Dumbocracy
13 years ago
Reply to  Red Dragon Leo

These are great sites Red…sorry if I have killed the trading mood here. It's just I get so upset that people still have turned off their common sense and deny plausible science.

I mean the chief custodian in the towers actually heard the dang blasts at the foundation BEFORE the “planes” hit and he tours the country trying to tell people but no one is listening. He had so many keys and knew the place so well he saved hundreds of lives

monicadern
monicadern
13 years ago
Reply to  Dumbocracy

I guess the world is a balance of “good” and “evil”. Unfortunately, we can't control the evil. Maybe turning a blind eye is the only way to keep from going crazy.

Dumbocracy
Dumbocracy
13 years ago
Reply to  monicadern

Hey Monica,
Hope your trading went well today and even better tomorrow. Since the market is closed now, I would like to say that while your sentiment about controlling evil is obviously meant to help you cope with “bad things happening to good people” it is rather defeatist and would only encourage evil people to steal, kill, and destroy all the more if there were no resistance.

I think British Statesman Edmund Burke got it right when he said,
“All that is necessary for the forces of evil to succeed/triumph is for enough good men to do nothing.”
I realize it is far easier to just go with the flow, avoid conflict or confrontation in order to just “keep the peace” but since when did that produce the best results for individuals and mankind as a whole.

Just my 2 cents…not trying to be preachy, just encouraging. That's all I wanted to say…off my soapbox.

Red Dragon Leo
13 years ago
Reply to  Dumbocracy

Yes my friend, I agree… but some people find it easier to believe the lies. I have a friend that I met in Vegas in 2003 for a business trip. He was a “righthand man” (with no title), to a general in Desert Storm.

His job was to be the “in-between” man between the CIA and the General. He knew a lot of secrets. In fact, after he retired, men would drop by his house every few months to say “hi”… (as in, making sure he knew they were still watching him).

We were drinking some beers after the conference at a bar there, and got to discussing 911. He told me he had seen up close dozen's and dozen's of tomahawk missle strikes… and the hole in the pentagon is exactly what they look like. He never said anymore.

Dumbocracy
Dumbocracy
13 years ago
Reply to  Red Dragon Leo

i concur….my cousin was actually stationed in the pentagon that day. I was a pilot for US Airways at the time. DCA is one of our bases. The final approach to Rwy 15 was always puzzling to me at Ronald Reagan (DCA).

We always flew DIRECTLY over the Pentagon at 500' and then touched down. When I asked why we flew so close to the Pent yet other places like the Capitol and White House were no fly zones I was told w/assurance that NOTHING an airplane could do would even dent the Pentagon.
In addition, for months I always noticed all the work that was being done to two of the segments of the Pentagon. I remember always joking with my First Officers about what repairs could possibly be needed to that building. We made wild conjectures always laughing about it and said they probably had illegals working on it.
It wasn't till later that I heard where the “plane” i.e. missile struck that I understood why so much work was being done on it. Suddenly, it made sense.
Take your drugs ppl….nothing to see here folks, move along

VinylMan
VinylMan
13 years ago
Reply to  Dumbocracy

Enough of your conspiracy posts already. Your handle of “dumb” is being proved. Leave this a market and trading board as it should be.

Dumbocracy
Dumbocracy
13 years ago
Reply to  VinylMan

Vinyl….you clearly don't understand the play on words contrasting our instituted form of govt (Constitutional Republic) vs the democracy everyone thinks they live in…who is dumb? So why the need to again mudsling rather than address facts??? Do you possess none?

VinylMan
VinylMan
13 years ago
Reply to  Dumbocracy

My comment about you and your hijacking of this board stands. Take your lunacy elsewhere. Red if this is the kind of board you want to have fine. But say so or police it. I'm sure others besides me are equally as turned off. Trying to build traffic and a noteworthy rep won't happen with this approach.

Dumbocracy
Dumbocracy
13 years ago
Reply to  VinylMan

So tired of people like you who have opinions that you can only espouse by attacking others rather than debate with openness…Hey…I never brought the topic up and am rarely home to be on this board. So one afternoon I get to spend some time on a site I enjoy and I present a viable argument and you cannot debate fairly.

I don't agree with everything Red says but enjoy following the trading as well. Stop crying Vinyl

monicadern
monicadern
13 years ago

I wish I could go back to the time when I knew nothing about the world or the market. . . .

Red Dragon Leo
13 years ago
Reply to  monicadern

LOL…

Yes, can I go back to the matrix now? Where is the guy handing out the pills? I want a blue pill this time…

Dumbocracy
Dumbocracy
13 years ago
Reply to  monicadern

don't we all

monicadern
monicadern
13 years ago

I think the powers that be read the blog sites and do the opposite of what we think. Just seems like I am always wrong 🙂

Red Dragon Leo
13 years ago
Reply to  monicadern

Yes they probably do Monica… “Go Bulls” (wink, wink)

monicadern
monicadern
13 years ago
Reply to  Red Dragon Leo

This market won't go down until I become a bull.

Red Dragon Leo
13 years ago
Reply to  monicadern

Well, put on your bull suit and pretend for awhile. LOL

Dumbocracy
Dumbocracy
13 years ago
Reply to  Red Dragon Leo

if you do Red, then we can call you Red (bull) Dragon Leo

Red Dragon Leo
13 years ago
Reply to  Dumbocracy

You know me better then that I hope… I'm a bear, always will be one. But sometimes you have to hibernate until dinner is served.

monicadern
monicadern
13 years ago
Reply to  Red Dragon Leo

Red, why is it that I always want the world to come crumbling down? I wish I were just positive like everyone else.

Dumbocracy
Dumbocracy
13 years ago

Just like I thought, Egg. Not interested in debate that you cannot disprove with mudslinging are you? Typical of the establishment types.
I've read your Pop Mech article you referred to as well. Poor investigation on their part as they asked the wrong questions. They never addressed the structural strength of the aircraft or the g-forces needed to withstand maneuvering at claimed speeds.
Ask anyone who has a type rating on the Boeing 757, like myself, and they will tell you what a truckish plane it is to fly. The hijackers couldn't even maneuver a 1000 lb aircraft (cessna) whilst training in tiny, light aircraft. It is impossible with their lack of skill that they could have controlled that plane for anything more than a lawn dart maneuver

monicadern
monicadern
13 years ago

If the market really starts going down, please nobody say anything.

anoopsan
13 years ago

Dow jones intraday support and resistance lines with 50 EMA
http://niftychartsandpatterns.blogspot.com/2010

Red Dragon Leo
13 years ago

Looks like we finally went negative… yippie!

monicadern
monicadern
13 years ago
Reply to  Red Dragon Leo

Red, I'm gonna kill you! J/K of course!

Red Dragon Leo
13 years ago
Reply to  monicadern

Sorry… Go Bulls! LOL

monicadern
monicadern
13 years ago
Reply to  Red Dragon Leo

guess the gap is closed. Don't know what that means from here though.

newbear
newbear
13 years ago
Reply to  monicadern

It's a good start.

monicadern
monicadern
13 years ago
Reply to  newbear

newbear, you still short? Are you going to cover at 1090 (if we get there)?

newbear
newbear
13 years ago
Reply to  monicadern

I'll see how the market acts. But this is nice.

monicadern
monicadern
13 years ago
Reply to  newbear

Until it gets rammed up our #($*! again tomorrow!

Geccko23
Geccko23
13 years ago
Reply to  Red Dragon Leo

Everything is in the red now. Breadth is now negative. And QQQQs leading to the downside with a massive bearish engulfing bar. Maybe it's time to start loading up again.

monicadern
monicadern
13 years ago
Reply to  Geccko23

Wish I could – but been short since g-d knows how long.

Reza
Reza
13 years ago

Go bulls go, S&P 1300 here we come.

monicadern
monicadern
13 years ago

I just have to say it – WOWSERS!

anoopsan
13 years ago

Dow jones – I have been trying to find support for this intraday move lets see if this one gives it. A broadening formation in 10 minutes chart
http://niftychartsandpatterns.blogspot.com/2010

Red Dragon Leo
13 years ago

Ok guys… let's drop the conspiracy talk for now. We have went a little to far off subject. We need to stick to things that affect the market… aka, fake prints.

I'm just as guilty of being caught up in it as anyone, but we did take it too far this time. Leave it for afterhours talk please, and let's focus on the market during the daytime hours.

Thanks for understanding…

Dumbocracy
Dumbocracy
13 years ago
Reply to  Red Dragon Leo

No prob Red, sure thing….Some folks can't play nice…anyway here is a nice quip about trying to forecast to help out all Bears from being to bearish and Bulls from being too bullish on a consistent basis.
Just a nice reminder when trading.

http://trading-u.com/blog/index.php/archives/1144

monicadern
monicadern
13 years ago

Can't we all just get along?! Everyone has a right to their own opinions.

Red Dragon Leo
13 years ago

Today had a pretty nice sell off, but I don't trust it. Volume is still under 200 million on the spy, and the entire move looked well controlled. A follow through is need tomorrow… we'll see if we get one?

VinylMan
VinylMan
13 years ago
Reply to  Red Dragon Leo

Each of the last two weeks we had a large up day that then reversed in the last hour or so and ended up in the red. Each had major UP days on the following day. Of course as soon as you figure out a pattern it changes but I don't trust this move either.

Rip Van Trader
Rip Van Trader
13 years ago
Reply to  Red Dragon Leo

With today as a black candle (yippee!) the usual MO is a big red candle tomorrow.

FWIW, I think we are on our way to 975. I think we will have bounces at 1075-90 and 1040, but am pretty sure that's where we're going.

I have been relying on CPCI and CPCE signals given over the past 5-6 days, as well as a divergence in NYMO in May/June lows, and am fully short. I cannot believe I got it right, and am pinching myself.

I am the eggman
I am the eggman
13 years ago
Reply to  Rip Van Trader

I was looking at that this weekend as well. There are some interesting anamolies that I picked up.

Be careful with the summation index. It really has no meaning. I have Sherman's original book and his printouts. He only used it to confirm.

Rip Van Trader
Rip Van Trader
13 years ago

Agreed on the SI; it's just a smoothed index. Pretty cool for keeping the noise down, but it is possible to get a false signal, albeit rare.

NYMO went very high last week, way out of proportion to market gains. I figure that when it comes down, it will level the rally. A very notable precedent for this is September through November, 2008.

I am the eggman
I am the eggman
13 years ago

Has anyone noticed that the volume bars on the 15 minute charts are being back-adjusted after the fact. I just saw a spike of buying come in the volume spiked but decremented the previous two bars?

Function of data provider? Anosan I notice that you use the same provider, have you seen this?

Red Dragon Leo
13 years ago

I see lots of volume in the close as well. Like I said… I don't trust this sell off.

I am the eggman
I am the eggman
13 years ago
Reply to  Red Dragon Leo

I agree but I also agree with you regarding the head and shoulders.

Every site out there is showing that pattern. I just can not believe that it will play out as that way.

Red Dragon Leo
13 years ago

When the mass media knows it's a H&S pattern… it's almost guaranteed to fail.

jimhobson
jimhobson
13 years ago

I am blown away. had to be out of my office all day and had no clue the market turned. What happened??

Red Dragon Leo
13 years ago
Reply to  jimhobson

Looks like a sucker rally in the morning to shake out the bears that went short at the close on Friday, and trap some bulls.

jimhobson
jimhobson
13 years ago
Reply to  Red Dragon Leo

On a whim on open this AM I picked up some SPXU thinking it would be a quicky on a bounce. Turned at pretty nice.

Dumbocracy
Dumbocracy
13 years ago
Reply to  jimhobson

The shine wore off the Yuan I think…

IlliniKap
IlliniKap
13 years ago

I hate these BS ramps jobs every time we sell-off to save the close…We were going to close below the 200 SMA and then the ramp job started the last 10-15 minutes.

Red Dragon Leo
13 years ago
Reply to  IlliniKap

It's too well controlled right now. Low volume sell offs rarely stick. Great for daytraders, but not longer term swing traders. Of course you could swing trade in and out every other day I guess?

Rip Van Trader
Rip Van Trader
13 years ago
Reply to  Red Dragon Leo

Volume during the breakdown in the last hour or so looked pretty decent, and I think it will hold.

This is going to catch a lot of people by surprise. I am thinking we could have a gap down.

CNBC is helpful: “Could Another Flash Crash Occur? Some Pros Say Yes”

Dumbocracy
Dumbocracy
13 years ago

I trade FX (G/U and G/Y) and currency markets are reflecting the same. Big ramp ups in response to Yuan for all Euro currencies early on during London sess. with large dumps during the US session

Red Dragon Leo
13 years ago
Reply to  Dumbocracy

I'm already seeing some fake? prints in the afterhours on the spy. I have 112.34 and 112.27, just now. Could be late fills, or a signal to where they are going to take it tomorrow?

Dumbocracy
Dumbocracy
13 years ago
Reply to  Red Dragon Leo

what sites are you seeing the fake on Red?

Red Dragon Leo
13 years ago
Reply to  Dumbocracy

Just in my Ameritrade account (using Think or Swim charts)

Dumbocracy
Dumbocracy
13 years ago
Reply to  Red Dragon Leo

thx

anoopsan
13 years ago

SP 500 Analysis after closing bell
http://niftychartsandpatterns.blogspot.com/2010

jimhobson
jimhobson
13 years ago
Reply to  anoopsan

Pretty bearish charts. Hope we get confirmation tomorrow.

anoopsan
13 years ago
Reply to  jimhobson

Yes if the 200 dma is taken out tomorrow and a close below that would confirm it

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

We really need a down day tomorrow in order to get back down under those MAs.

This afternoon was pretty freaky, though, ought to scare off the dip buyers.

Red Dragon Leo
13 years ago
Reply to  Rip Van Trader

The biggest concern about that Rip is the lack of real volume. Only 212 million on the spy today. Not really what I call panic selling, or big institutional selling.

More like controlled selling to work off over bought conditions. Cobra gives it a 15% chance on his quick after close udpate…

http://cobrasmarketview.blogspot.com/

Rosabarba
13 years ago

Interesting note on the $VIX:

http://dailyoptionsreport.com/blog/post/the-vix

anoopsan
13 years ago

Dow jones analysis after closing bell
http://niftychartsandpatterns.blogspot.com/2010

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