Helluva Day is an understatement Darth Gerb! Looks like they started the party early without the bears (typical). I’d say the fear is setting in for investors that know the February 7th debt ceiling deadline is near.
So unless Bernanke pulls another rabbit out a hat and gets another rally started it’s looking more and more like the we are going to continue down until the debt ceiling issue is resolved.
Will that mean we’ll bottom on the 7th as they kick the can down to road to another future date? Or will we bounce up into the 7th from some positive words and then collapse after the 7th as no deal is reached?
From a technical point of view we could have just started a large wave 1 down of some kind and might bounce up with a wave 2 up into the 7th, but they are going to have to lie (nothing hard there as they are professionals at it) and say everything will be ok before that date, and then of course say “sorry” I thought we’d reach an agreement, but we didn’t… so down goes the market in a nasty wave 3!
The correction “may” have already started Amy? Today and yesterday certainly was ugly. On the bigger picture I do see a rally up later into 2016/2017, but it could end as early as 2015 I guess. But that’s too far off to predict. Right now it’s pretty ugly in the market and could continue into the 7th of February as investors sell off in fear of that debt ceiling date.
I don’t know if they are going to try to rally up only more time before then (maybe from something positive out of next weeks’ FOMC meeting) or if this is the start of the 10-30% correction? If we keep falling hard at this rate we could bottom on the 7th instead of topping?
max pain is about 3% and move higher ever after. I don’t see a 10% correction at all this year just for the fact the FED is trigger happy to pump +100 billion in the market. I do think the correction is sometime late 2015-2016 where the dow will see 5000.
I believe we will bottom today and start our final rally into the first week of February to put in our final high before a 10-30% correction happens. Upside target is still 17,000 on the DOW (plus or minus a 100 points). The date it hits is important too as sometimes they can fool us sheep and go higher then we expect them too.
IWM Trend update: http://niftychartsandpatterns.blogspot.in/2014/01/iwm-trend-update.html
Helluva Day is an understatement Darth Gerb! Looks like they started the party early without the bears (typical). I’d say the fear is setting in for investors that know the February 7th debt ceiling deadline is near.
So unless Bernanke pulls another rabbit out a hat and gets another rally started it’s looking more and more like the we are going to continue down until the debt ceiling issue is resolved.
Will that mean we’ll bottom on the 7th as they kick the can down to road to another future date? Or will we bounce up into the 7th from some positive words and then collapse after the 7th as no deal is reached?
From a technical point of view we could have just started a large wave 1 down of some kind and might bounce up with a wave 2 up into the 7th, but they are going to have to lie (nothing hard there as they are professionals at it) and say everything will be ok before that date, and then of course say “sorry” I thought we’d reach an agreement, but we didn’t… so down goes the market in a nasty wave 3!
The correction “may” have already started Amy? Today and yesterday certainly was ugly. On the bigger picture I do see a rally up later into 2016/2017, but it could end as early as 2015 I guess. But that’s too far off to predict. Right now it’s pretty ugly in the market and could continue into the 7th of February as investors sell off in fear of that debt ceiling date.
I don’t know if they are going to try to rally up only more time before then (maybe from something positive out of next weeks’ FOMC meeting) or if this is the start of the 10-30% correction? If we keep falling hard at this rate we could bottom on the 7th instead of topping?
max pain is about 3% and move higher ever after. I don’t see a 10% correction at all this year just for the fact the FED is trigger happy to pump +100 billion in the market. I do think the correction is sometime late 2015-2016 where the dow will see 5000.
ES Chart update: http://niftychartsandpatterns.blogspot.in/2014/01/es-chart-update_24.html
Helluva Day.
an update on the Dragon Safety run to treasuries from 8 trading days ago.
it should hit the Fibonacci, but you just never know.
http://s14.postimg.org/nvbwkik8h/dragon_safety.png
-Gerb
It’s time to look at the 377 year cycle. (Maybe time for some PI action?) I’m calling a low for next Friday.
Notice the Australian dollar dropping to new multi-year lows lately. Risk Off time????
I believe we will bottom today and start our final rally into the first week of February to put in our final high before a 10-30% correction happens. Upside target is still 17,000 on the DOW (plus or minus a 100 points). The date it hits is important too as sometimes they can fool us sheep and go higher then we expect them too.
Blackberry charts: http://niftychartsandpatterns.blogspot.in/2014/01/blackberry-at-multiple-resistance-levels.html
SINA Corp chart analysis:http://niftychartsandpatterns.blogspot.in/2014/01/sina-corp-analysis-after-closing-bell.html