Friday, June 14, 2024

One More Day UP…

Is all I see...

Gang, I think tomorrow will go up and hit the 113.02 spy FP that Anna caught at 8-9am Tuesday morning.  I see the same print in the afterhours session again.  This confirms to me that we are going to hit that target tomorrow sometime.  After that, I think we will sell off on Thursday and Friday... possibly hitting that other FP of 107.35 from a week or so back.

But, if we hit that target on Friday, get out of your shorts.  The weekly is still pointing up, and next week is opx week.  Both of those factors mean we will likely have a bullish week into opx Friday.  You know how they like to squeeze the shorts during that period.

However, the week after opx could be the start of something beautiful... if you're a bear of course 🙂  While it could chop sideways a little more and even be pushed out right up until the September 9th start of the Legatus meeting, it could still start to sell off some before it.

The charts will give us clues when we get there, but for tomorrow I expect a move up to 113.02 and then selling on Thursday and Friday.  I'm keeping this post short as I'm tired and today was my birthday too.  I'm 46, look like 36, and feel like 56... LOL

Red

Red
Author: Red

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neoken
neoken
13 years ago

Happy Birthday Red!

Red Dragon Leo
13 years ago
Reply to  neoken

Thanks… I need a beer right about now, but a nice sell off to 107.35 by Friday would really make my day! LOL

Al
Al
13 years ago
Reply to  Red Dragon Leo

Happy Birthday Red! Your wish will come true!

Red Dragon Leo
13 years ago
Reply to  Al

Can I make an even bigger wish? I'd just like to know the exact date and time the sell off will start, that will take us down to the Dow 8300 print? Pretty please… will some insider just tell me? 🙂

Geccko23
Geccko23
13 years ago
Reply to  Red Dragon Leo

It's already started. Futures are supposedly down considerably although I haven't checked. Larry Pesavento has tomorrow as a big down day. Today was the major Bradley date, the lowest Bradley reading since 1930-31 as a result of the formations of the Cardinal Climax and the new moon was today. This is probably some major high holiday for the insiders since they propped up the market until 08-09-10. SP could never get up above 1130 despite all the time it spent around 1125-1127 (which is 911 by the way) even during afterhours.

Red Dragon Leo
13 years ago
Reply to  Geccko23

Just remember, that FP of 113.02 wasn't hit today… and it's showing up again in afterhours. It's highly likely to be hit tomorrow before any sell off.

ashsail10
ashsail10
13 years ago

Happy Birthday Red. I went long and got stopped out for 15 cents gain in TNA 🙂

Red Dragon Leo
13 years ago

Thanks…

Well maybe you can make it back tomorrow? Unless I see another FP higher then the 113.02 one, I think we will sell off some from that high. Besides, it's more fun making money when the market goes down… he he he

Pzy5t0
Pzy5t0
13 years ago

46 is just a young pup! lol, Happy Birthday and many more!

Red Dragon Leo
13 years ago
Reply to  Pzy5t0

Well,

Some days I feel young and others days not so much…

Pzy5t0
Pzy5t0
13 years ago

Red, not sure how legit this is but rather interesting interview with Mark Faber:
http://www.shtfplan.com/marc-faber/marc-faber-p

Red Dragon Leo
13 years ago
Reply to  Pzy5t0

Interesting read, and he certainly has a good point. This is not getting better. When this thing finally turns down, it's going to get ugly in America.

Ben
Ben
13 years ago

Happy Birthday, Red… Enjoy!

Red Dragon Leo
13 years ago
Reply to  Ben

Thanks Ben…

Xping
Xping
13 years ago

Happy Birth Day!

Red Dragon Leo
13 years ago
Reply to  Xping

Thanks Xping…

Akka Kebnekaise
Akka Kebnekaise
13 years ago

Happy Birthday, Red!

This video always cracks me up on my birthday:
http://www.youtube.com/watch?v=zfXXqPdYGQc

Enjoy it for a good laugh as it is!
All the Best!

Red Dragon Leo
13 years ago

That was too funny! Thanks for making me laugh. The lead singer moved about as much as a turtle crossing the road, and the cheerleaders were guys instead of girls. LOL.

Maybe I'll change my name to Jenny, so the song will true be sung for me… (do they name guys Jenny?) Very Funny… thank's again.

Shaankapoor
Shaankapoor
13 years ago

happy bday Red!

Red Dragon Leo
13 years ago
Reply to  Shaankapoor

Thanks Illinap…

rk318
rk318
13 years ago

happy birthday, red
from ur opinions & thoughts i had never imagine that ur at the age of 46…..(!)all right….but u still look like 25 on this page atlist to me dude……we will celebrate ur bday next month…… right?

(u call me just rk,its fine for me & u too)

read this
http://finance.yahoo.com/news/Is-The-Bear-Marke

Red Dragon Leo
13 years ago
Reply to  rk318

Lot's of people think I'm younger then I am. It's the blond hair I guess? I'm not complaining thou… LOL. Thanks.

Guest
Guest
13 years ago

Happy Birthday Red from Australia 🙂

Red Dragon Leo
13 years ago
Reply to  Guest

Thanks… Mr. “down under” (I'd love to see Australia… maybe one day).

steveo77
13 years ago

Get bullish!

steveo77
13 years ago

Hey RDL, I am 47 on 8-11-10,

Red Dragon Leo
13 years ago
Reply to  steveo77

Well Happy Birthday back to you Steveo!

steveo77
13 years ago
Reply to  Red Dragon Leo

And that is bullish!

steveo77
13 years ago

Bullish! In order to fool the Quant Spider Bots (QSB's) , I would please ask everyone to put the word Bullish! into the the first word of every comment they make on every blog.

pezhead9000
13 years ago

8-11-10 SPY: Look out below
06:14 $110.87 100

Robert
13 years ago

Happy B-dAY Red. Yesterday was a dress rehearsal. I still have my crash helmet on. 107FP here we go……………

Red Dragon Leo
13 years ago
Reply to  Robert

Thanks Robert (and yes, looks like we are going down. Yippee!)

Anna
13 years ago

Happy Birthday to you Happy Birthday to you 😉

Red Dragon Leo
13 years ago
Reply to  Anna

Thank you Ms. Anna…

Anna
13 years ago

Normal Fed hangover day after don't get too comfy w/your bear suit just yet. I think that 113.02 will come next week :()

jimhobson
jimhobson
13 years ago
Reply to  Anna

I was as exhausted yesterday as if I ran Rendezvous Mountain. that may have just been a warm up.

But yes i agree there will be a manipulated bounce. iam thinking it will start at the 1090 area??

Anna
13 years ago
Reply to  jimhobson

yes and I have a new casper for next week

Jaywiz10534
Jaywiz10534
13 years ago

Hi RED
Now that we bears are out of patience and $, the MONKEY is about to come home. MY projection of FIBO math could take the dow to 8000, b4 the end of August. The timing of which is laid out at the jaywiz blog
Whats almost best about the CLIMACTIC wave ending about to fall on Wall st will be the FEAR generated by such that will DRIVE the NEXT LEG HIGHER from Spt 1st to some time next year. Lets NOT get OVER BEARISH, once this WAVE {C} end sin such dramatic fashion
BEST WISHES
Jay

Red Dragon Leo
13 years ago
Reply to  Jaywiz10534

Thanks for the update Jay. I have 8300 as a downside target, but either one looks good to me.

jimhobson
jimhobson
13 years ago

Future are not looking good. We know they will bounce but what has this crashing this am. The Jap market is way down. Britain is lowering expectations.

perhaps people are finally believing the following:

http://www.michaeljournal.org/fedreserve.htm

anoopsan
13 years ago

Dow Jones Futures before opening bell
http://niftychartsandpatterns.blogspot.com/2010

Red Dragon Leo
13 years ago

Gang, if you're already short… great! If not, just wait for a bounce. I guess the 112.98 hit was close enough to 113.02 yesterday, as it's not looking like we are going back up that high again.

jimhobson
jimhobson
13 years ago

Looking for Mr. Fat Fingers???

Red Dragon Leo
13 years ago
Reply to  jimhobson

LOL…

jimhobson
jimhobson
13 years ago

By the way Happy belated birthday. Mine was Aug 8 and I turned 56. Being over 50 sucks. they say i have the body of a 36 year old but the 30 year old young ladies pay no mind.

Red Dragon Leo
13 years ago
Reply to  jimhobson

Well Happy belated Birthday to you too Jim. The ladies are strange sometimes… it's hard to understand them. LOL.

Geccko23
Geccko23
13 years ago
Reply to  Red Dragon Leo

Happy Birthday to you Red. My birthday was July 25. I am a little younger than you.

Red Dragon Leo
13 years ago
Reply to  Geccko23

Thanks Geccko… Happy late birthday to you too. Hey I just thought of it… you should have the “Geccko” lizard as your avatar. That would be very cool! LOL

Anna
13 years ago

guys we got 112.98 yesterday so that might have been our 113. FP here is one from 8 am this am for next week i believe

http://www.screencast.com/users/Annamall2/folde

Red Dragon Leo
13 years ago
Reply to  Anna

What level is that Anna?

Red Dragon Leo
13 years ago
Red Dragon Leo
13 years ago

Jim,

What's that VIX percentage tell you?

jimhobson
jimhobson
13 years ago
Reply to  Red Dragon Leo

Vixes is moving from 14.5% to 12.78% So we have strong selling but it has been calming the last few minutes.

Iam guessing a bounce may materialize in the last hour. But as long as the vix stays above 12% it will be a limited bounce

Red Dragon Leo
13 years ago

Looks like Mr. Topstep is looking for 1066.50 ES, unless 1098.00 hit. If so, then 1104.00-1111.20 is upside target… but Tim Hefner says “no way”.

http://www.youtube.com/watch?v=9qKHCNio5Kw

jimhobson
jimhobson
13 years ago
Reply to  Red Dragon Leo

I am not sure what i got out of that.

one guy is looking for a low of 1066 and a range of 1093 that if it tops out at 1098 we go back up?????

Red Dragon Leo
13 years ago
Reply to  jimhobson

He's just showing both the upside and downside targets, but he's clearly not looking for the upside one's to be met. He's bearish and thinks the 1066.50 ES level will be next.

jimhobson
jimhobson
13 years ago
Reply to  Red Dragon Leo

The futures is a different language and they talk so fast I have a hard time following.

jimhobson
jimhobson
13 years ago

Looks to me like some shorts are getting nervous and covering before last hour hits.

Red Dragon Leo
13 years ago
Reply to  jimhobson

Well, you can't blame them for taking some profit. They've be screwed too many times before, and bail at any profit they get. But, we know that the downside target is 107.35 spy, which is probably the 1066.50 ES that Mr. Topstep is calling too. So, this bounce should be short lived.

shaan kapoor
13 years ago
Reply to  Red Dragon Leo

In the past I've held my shorts and been burned way to much by the ramps. Got out all my positions this morning and just waiting for some decent retracement to get short again. I don't trust any move at this point, whether up or down.

jimhobson
jimhobson
13 years ago

10400 just broke on Dow??? What do we have here??

anoopsan
13 years ago

for a positional trader the rally from here if it happens will be looked after by the 50 DMA. The death cross may not give its results right away. But the trend will remain down for a long time unless something dramatic happens

Red Dragon Leo
13 years ago
Reply to  anoopsan

On what time frame San?

anoopsan
13 years ago
Reply to  Red Dragon Leo

daily time frame

Red Dragon Leo
13 years ago

The 5 and 15 minute charts look ready to roll over now… Look out below!

jimhobson
jimhobson
13 years ago

Vix just hit 12% again Sell programs just initiated.

jimhobson
jimhobson
13 years ago

Its 3: pm Dow wants to save the day.

Red Dragon Leo
13 years ago

I just seen a FP of 109.95 spy… could be tomorrows high? I don't see it happening today.

shaan kapoor
13 years ago
Reply to  Red Dragon Leo

I also saw a FP of $48 on the daily for JPM earlier today. It's gone now. That's nuts thoguh. That's JPM's high since the March 2009 low.

Geccko23
Geccko23
13 years ago

This is an initiation thrust lower. I expect the market to close on the low of the day possibly 4% down. Or what followed the SP120pt up days in September 2008. It's also a massive TD bear flip. None of the averages ever got a 9day upcount during the July rally. But I expect a 9day downcount now (9closes below the close 4 periods earlier).

C C Rider
C C Rider
13 years ago

For the unitiated, any close below 1087.69 is bearylicious!

Red Dragon Leo
13 years ago
Reply to  C C Rider

I think we are going up to the 109.95 Spy FP for the close today.

C C Rider
C C Rider
13 years ago
Reply to  Red Dragon Leo

I'll take that bet! : )

Red Dragon Leo
13 years ago
Reply to  C C Rider

LOL… I'm a bear, so I'm certainly not going to bet you on that call. I just pointed it out. Maybe it will be tomorrow's high?

C C Rider
C C Rider
13 years ago
Reply to  Red Dragon Leo

Agreed. Looking for a retest of 1100 SPX. Might not be until next Ramp Monday!! Afterall, Friday the 13th looming!!

jimhobson
jimhobson
13 years ago
Reply to  C C Rider

just does not seem to want to break to it. 1090 has been tough.

jimhobson
jimhobson
13 years ago

Here come the bounce??

Sir Woody Hackswell
Sir Woody Hackswell
13 years ago
anoopsan
13 years ago

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

Red Dragon Leo
13 years ago

New post is up now gang… I expect a “pause” day, but I could be wrong on that? Either way, Friday should give us our 107.35 spy print we've been looking for.

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