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... sundancer390

USO wkly chart, closed below an important trendline, however with 3 consecutive red bars, it's almost guaranteed to close higher next week, 4 consecutive red bars has only happened once in 119 weeks, another clue to the equity markets direction next week
http://www.flickr.com/photos/47091634@N04/43185

... sundancer390

for those of you wanting to follow intra-day moves pulling up a 3 minute chart of the SPX will tell you where its going by the gaps it leaves behind

Open gaps on 3 minute chart from last 2 days
1084.66 13:39 candle
http://www.flickr.com/photos/47091634@N04/43191

it is important to note they filled the 1533 gap on the closing 3 minute candle which was @ 1073.89, look where they closed the spx @ 1073.87

... sundancer390

gap on 60 min chart SPX 1127.38 (930:1030 candle) for those of you with eagle eyes they did this same thing with the 930 candle back in the late october decline
http://www.flickr.com/photos/47091634@N04/43190

... monicadern

Still short and will just stay that way.

... Red Dragon Leo

You should be fine then. I can't be around a computer all day, so I just swing trade. It's not safe to do that next week until the wave 2 up is over.

It will whip up and down and scare a lot of people out of positions, but the following week it will be a big move straight down. That's the one I'm waiting for! I'm looking for 100+ points… very quickly!

... Red Dragon Leo

Maybe? When the largest wave 3 down starts this September, just be sure keep your ears and eyes open.

... dnarby

Agree, but at this point I think a mistake in shorting will eventually
be rectified by the market, and pretty quickly.

Basically my plan is sell the rips, partial cover on dips, rinse,
repeat. But I want to keep a core short position.

... dnarby

OK… You really need to strip off the tin foil. The gov't did not
stage 9/11. Just from a practical standpoint the downsides (if found
out) are too severe.

That said, the government certainly didn't go out of their way to
prevent something like 9/11 from happening, FAR FROM THE CONTRARY. Not
even after they tried to bring it down once before and failed!

I find it much easier to imagine *they purposefully engaged in a
dereliction of their duty*, which is just as bad.

And I doubt they will manufacture a reason to let the market fall.
Chances are the banksters will just let it happen so they can (attempt
to) bully more $ out of the taxpayer.

... Red Dragon Leo

All very valid and true points. I'm agreeing that I don't see a lot of upside left. However, I'm still inclined to believe that we will bounce up next week. The short term technicals are pointing up, while the longer term has just rolled over and are point down.

So don't worry about me going long on the market next week. The only long position I have is in the USO (oil) which due a short term bounce. Other then that, I'm just waiting on the sidelines for the end of next week to arrive, so I can go short again.

Believe me… I'm a bear! But, all short term TA's say that we bounce next week. So, I'll wait until it's over and then go short again.

I do think that there will be a lot of swings from up to down each day next week. If you are a day trader, you can make a fortune or loss one…

Not to worry though… I'll be going short with you, but not until next Friday.

... Red Dragon Leo

Yes Ben…

They should be horrible! And Wall Street isn't stupid… they know that the numbers are going to be bad. So, I'd expect that the numbers that are predicted to be pretty low. That means that it wouldn't be too hard to beat those numbers by fudging them a little like the government does anyway.

That could cause a rally up on Friday, and then something bad to happen over the weekend and the markets then crash on Monday or Tuesday?

The government could stage another 911 or something of that nature to blame the crash on. From a technical standpoint, the market is ready to crash… but the government wants the public to believe in this fake recovery.

How do you do that if the market crashes because of the lack of real profits and growth from companies? The Answer… you stage some other event to blame it on. Then, you get on TV and preach to the public how well the economy was going, and then something bad had too happen to delay it.

I hope nothing serious happens, but I wouldn't put it past them! However, I think they are going to wait until this September before they stage another big event. The biggest crash is predicted to start in late September of this year.

I'm concerned that they will stage another terrorist attack or something like it, during that time period to blame the crash on. I'm going to stay out of the major cities during that month, as it could be a small suitcase nuke?

I know I'm sounding like a nut, but I'm serious about the governments' involvement in the crashes and rallies in this market. It's all planned out many months in the future. It's up to us to figure it out before it happens.