Certainly went higher then I expected as I wasn’t looking for a double top… but SkyNet knows where all the stops are and did a good job of hitting them on both sides today. I held on to my short through all the wild swings and ended the day up.
With the daily candle pattern now showing a very long topping tail I’ll be happy to get more shorts should it bounce again in the morning. Odds are tilted in favor of the bears now that we won’t make another higher high tomorrow (based on the bearish candle pattern close), but a second attempt is certainly possible.
Should it not give me the chance to short from some bounce I’ll just be happy with the shorts I currently own. But based on the overbought charts we should be just about ready to start selling off, and it should be for more then one or two days.
Considering the Alibaba IPO is Friday we could get some kind of wave 1 down and 2 up between now and the end of the week so they can get that out of the way before we start dropping. I “may” exit my short tomorrow, wait for the bounce into Friday and short again. Hard too say right now but I feel it’s a “short the bounce” type period and not a “buy the dip” one.
Tomorrow we should go up slightly a little higher to complete some smaller 5th wave up. Then we should drop to 199.30 SPY (probably going into the FOMC meeting). Then one more rally up above tomorrow’s high (but below 2011) should happen after the meeting and into early Thursday.
This is the pattern that happened in 1929 and should happen again. We scared out the bears today and should scare out the bulls on the drop into the meeting. Then as the bears reload short again Janet Yellen should say nothing bearish and we then have the last move up again to lure in some bulls and shake out that last bear.
Only when everyone is convinced the rally is back and we are going 2100+ will they fool them and pull the rug out. Bears won’t believe it as they will have been burnt too many times and bulls will just think it’s a dip. It shouldn’t be related to anything Yellen says but could (should) come out later after the down move has gotten going.
Possibly over the weekend after Alibaba (and the 40 thieves) steal from the sheep at its’ IPO this Friday as we know they must get that off before we fall off a cliff. How ironic is it that the largest IPO in history is named what it is? It might as well be called the Trojan horse of Troy… LOL!
This bleep is so predictable. They pop the market everyday Tuesday of a fed meeting.
I have wanted to add that the Australian dollar has been crushed lately. Another sign of the end times. The euro as well but it was leading the Aussie. Today, the Aussie is popping bigtime but it was relentlessly dropping day after day below its lower BB since currency opex a few weeks ago.
Forgot to add to my NFL opening game review that they were highlighting the PEDHawks special #12 during the broadcast. When #24 scored to take the score to 29-10, the endzone he scored on had 2 12s displayed in the background.
Although I didn’t watch much of the game so didn’t notice but the 1929 champion GB Packers did promote #19 to their starting 3 WR sets so on many plays they should have 19 87 18 lined up but don’t know if they had 19 87 lined up on any plays. #87 did have a big day for them on Sunday with something like 209 yards receiving and a long touchdown. Might need to review the tape for any numerological formations. #18 scored 2 TDs as well against NY or 18-18 ie 99 ie 29.
If we do not rollover today or tomorrow then they will likely breakthrough and head up to my original target of 11,330 on NYA per a FP I have.
Certainly went higher then I expected as I wasn’t looking for a double top… but SkyNet knows where all the stops are and did a good job of hitting them on both sides today. I held on to my short through all the wild swings and ended the day up.
With the daily candle pattern now showing a very long topping tail I’ll be happy to get more shorts should it bounce again in the morning. Odds are tilted in favor of the bears now that we won’t make another higher high tomorrow (based on the bearish candle pattern close), but a second attempt is certainly possible.
Should it not give me the chance to short from some bounce I’ll just be happy with the shorts I currently own. But based on the overbought charts we should be just about ready to start selling off, and it should be for more then one or two days.
Considering the Alibaba IPO is Friday we could get some kind of wave 1 down and 2 up between now and the end of the week so they can get that out of the way before we start dropping. I “may” exit my short tomorrow, wait for the bounce into Friday and short again. Hard too say right now but I feel it’s a “short the bounce” type period and not a “buy the dip” one.
Great… glad to see you are ok. Me and Anna was wondering what happened to you.
I am Doing well Red. shifted to a new house. Took some time to have things in place.
Hey San, where you been? Hope all is well.
GOLD Trend analysis: http://niftychartsandpatterns.blogspot.in/2014/09/gold-trend-update.html
Tomorrow we should go up slightly a little higher to complete some smaller 5th wave up. Then we should drop to 199.30 SPY (probably going into the FOMC meeting). Then one more rally up above tomorrow’s high (but below 2011) should happen after the meeting and into early Thursday.
This is the pattern that happened in 1929 and should happen again. We scared out the bears today and should scare out the bulls on the drop into the meeting. Then as the bears reload short again Janet Yellen should say nothing bearish and we then have the last move up again to lure in some bulls and shake out that last bear.
Only when everyone is convinced the rally is back and we are going 2100+ will they fool them and pull the rug out. Bears won’t believe it as they will have been burnt too many times and bulls will just think it’s a dip. It shouldn’t be related to anything Yellen says but could (should) come out later after the down move has gotten going.
Possibly over the weekend after Alibaba (and the 40 thieves) steal from the sheep at its’ IPO this Friday as we know they must get that off before we fall off a cliff. How ironic is it that the largest IPO in history is named what it is? It might as well be called the Trojan horse of Troy… LOL!
Geccko, does this TRIN look bullish to you (for the SPX I mean) ? http://stockcharts.com/h-sc/ui?s=$TRIN&p=D&b=5&g=0&id=p83083657167
This bleep is so predictable. They pop the market everyday Tuesday of a fed meeting.
I have wanted to add that the Australian dollar has been crushed lately. Another sign of the end times. The euro as well but it was leading the Aussie. Today, the Aussie is popping bigtime but it was relentlessly dropping day after day below its lower BB since currency opex a few weeks ago.
Forgot to add to my NFL opening game review that they were highlighting the PEDHawks special #12 during the broadcast. When #24 scored to take the score to 29-10, the endzone he scored on had 2 12s displayed in the background.
Although I didn’t watch much of the game so didn’t notice but the 1929 champion GB Packers did promote #19 to their starting 3 WR sets so on many plays they should have 19 87 18 lined up but don’t know if they had 19 87 lined up on any plays. #87 did have a big day for them on Sunday with something like 209 yards receiving and a long touchdown. Might need to review the tape for any numerological formations. #18 scored 2 TDs as well against NY or 18-18 ie 99 ie 29.
SPX Update: http://screencast.com/t/EBKTqjCfzEJW