Maybe, but I still think we will sell off some first. Could be down to the 107.38-107.82 fake print area, or maybe only the 1115 spx area.
I will agree with you that the summer months will most likely put in a higher high. But before that can happen, they need more fuel… and that's bears. Without and bears to squeeze, which they don't have any left right now, they can't push too much higher.
You can see that they are running out of steam. With the light volume yesterday, they should have closed positive, not negative. They are struggling right now to keep the tape up. That's really why I think a sell off will happen first, before any move higher.
I really think the market will slowly drift higher or trade in a narrow range for the foreseeable future. The Street is trying to lure retail investors back into the market by making “buy and hold” work again. That's why I really think we are in “2004” right now and we have a couple of years of a relatively lull market in a flat-to-higher trend.
I just took another look at the $NYMO chart. It does leave open the possibility still (since we haven't really gotten under the 0 line) that we go higher tomorrow and then chop around. But, if we close lower tomorrow we will definitely continue lower until we get that oversold reading. We don't even have to close lower tomorrow by much. We'll see.
Don't know if I already sent this to you but it compares the 2007 top to today. Corey Rosenbloom truly is unbiased and he is a good analyst. Scroll down to the bottom of the page but all the articles on the page are relevant. http://blog.afraidtotrade.com/
Looking at a two week chart of /NQ and /ES — there is nothing indicating any sort of turnaround. /NQ is up and to the right. /ES has a much more gradual slope, but it's still up and to the right.
Market is going up, and I think $RUT follows along.
I had some TNA after hours, but offered it for sale and someone grabbed it, so I'm back to cash again.
Katzo refers to the MACD action on $RUT as a “porpoise snout” (well, he was talking about some other symbol, but if you look at the MACD you'll know what I mean). According to Google, he's the only one who describes it this way. It means that a breakdown is coming, just “not yet”. We are in day 3 of “porpoise snout” — maybe time to roll over? Based on this completely untested indicator, $RUT is red tomorrow.
Great post Red. I have to disagree on you with one point though. What this market needs to sell off is a stream of truly good news, not just the bad news that is spun into good by the msm. It would be great for the NFP number to come out and just destroy estimates. The ultimate sell the news event. Until then the bears as a collective are just a bunch of pussies that need to get their shiznit together.
Yeah, the bears are wiped out right now. It's up to the bulls to start selling first. Maybe you're right, and good news is the answer?
Maybe, but I still think we will sell off some first. Could be down to the 107.38-107.82 fake print area, or maybe only the 1115 spx area.
I will agree with you that the summer months will most likely put in a higher high. But before that can happen, they need more fuel… and that's bears. Without and bears to squeeze, which they don't have any left right now, they can't push too much higher.
You can see that they are running out of steam. With the light volume yesterday, they should have closed positive, not negative. They are struggling right now to keep the tape up. That's really why I think a sell off will happen first, before any move higher.
Leo:
I really think the market will slowly drift higher or trade in a narrow range for the foreseeable future. The Street is trying to lure retail investors back into the market by making “buy and hold” work again. That's why I really think we are in “2004” right now and we have a couple of years of a relatively lull market in a flat-to-higher trend.
How you doing?
Not so good.
What happened?
I was trading from a 2007 chart.
Really?
Yeah. It went down in 2007, so I shorted it.
You shorted it now, because it went down in 2007?
Yeah.
Did it go down?
Well, yes. It went down. In 2007.
I mean now. Did it go down?
No, not really. Kind of went up.
Weird.
Yeah. Weird.
What is really strange is that AH futures have been so quiet lately.
I just took another look at the $NYMO chart. It does leave open the possibility still (since we haven't really gotten under the 0 line) that we go higher tomorrow and then chop around. But, if we close lower tomorrow we will definitely continue lower until we get that oversold reading. We don't even have to close lower tomorrow by much. We'll see.
Don't know if I already sent this to you but it compares the 2007 top to today. Corey Rosenbloom truly is unbiased and he is a good analyst. Scroll down to the bottom of the page but all the articles on the page are relevant.
http://blog.afraidtotrade.com/
Looking at a two week chart of /NQ and /ES — there is nothing indicating any sort of turnaround. /NQ is up and to the right. /ES has a much more gradual slope, but it's still up and to the right.
Market is going up, and I think $RUT follows along.
I had some TNA after hours, but offered it for sale and someone grabbed it, so I'm back to cash again.
Katzo refers to the MACD action on $RUT as a “porpoise snout” (well, he was talking about some other symbol, but if you look at the MACD you'll know what I mean). According to Google, he's the only one who describes it this way. It means that a breakdown is coming, just “not yet”. We are in day 3 of “porpoise snout” — maybe time to roll over? Based on this completely untested indicator, $RUT is red tomorrow.
Great post Red. I have to disagree on you with one point though. What this market needs to sell off is a stream of truly good news, not just the bad news that is spun into good by the msm. It would be great for the NFP number to come out and just destroy estimates. The ultimate sell the news event. Until then the bears as a collective are just a bunch of pussies that need to get their shiznit together.