However, I never expected that big selloff into the close today. But, I went short about 1pm… once I saw that the 110.34 spy level wasn't going to be retest, and then “Bam” it fell off a cliff.
Tomorrow should be either a consolidation day (small retrace up… may 38% to 50%), or another day of selling. I really think that many bears are going to miss this quick move down.
I'm staying short… even if the jobs numbers are under 500k. That will only produce a small up day. I don't think the big boys are going to hold over the weekend. I just guessing… but Friday could be another down day. Let's see what tomorrow brings first.
I'm thinking that will be about right too. By the end of the week we should have hit the high, and next week will start the selloff.
The high could be hit Wednesday or Thursday… I'm not sure which, but there should be some selling on Friday, as the big boys know what's coming next week.
Yeah… your right about Mr. Topstep. I use other methods as my primary reason to believe the market is heading lower soon. Mr. Topstep is just agreeing with what the charts already say.
I'm not going to base my entire decision on what Mr. Topstep or the guys at optionmonster say only. But, a lot of other technical analysis is now inline with that 1108 area as the major “line in the sand”.
Hi Red, Nice Blog 🙂 Careful with Mr. Topstep These vids are produced by optionsmonstertv (optionmonster.com) Ever heard of John and Pete Najarian? They are a couple of the Fast Money pimps on CNBC. Good Luck here and keep it up!
I'm thinking that will be about right too. By the end of the week we should have hit the high, and next week will start the selloff.
The high could be hit Wednesday or Thursday… I'm not sure which, but there should be some selling on Friday, as the big boys know what's coming next week.
Great call today! Thanks!
Thanks…
However, I never expected that big selloff into the close today. But, I went short about 1pm… once I saw that the 110.34 spy level wasn't going to be retest, and then “Bam” it fell off a cliff.
Tomorrow should be either a consolidation day (small retrace up… may 38% to 50%), or another day of selling. I really think that many bears are going to miss this quick move down.
I'm staying short… even if the jobs numbers are under 500k. That will only produce a small up day. I don't think the big boys are going to hold over the weekend. I just guessing… but Friday could be another down day. Let's see what tomorrow brings first.
Red
Great call today! Thanks!
Red and Jay,
EWZ started selling today. I don't know how long it takes us to follow the pattern.
I'm thinking that will be about right too. By the end of the week we should have hit the high, and next week will start the selloff.
The high could be hit Wednesday or Thursday… I'm not sure which, but there should be some selling on Friday, as the big boys know what's coming next week.
They don't want caught on the wrong side either…
Red
Yeah… your right about Mr. Topstep. I use other methods as my primary reason to believe the market is heading lower soon. Mr. Topstep is just agreeing with what the charts already say.
I'm not going to base my entire decision on what Mr. Topstep or the guys at optionmonster say only. But, a lot of other technical analysis is now inline with that 1108 area as the major “line in the sand”.
Red
Good point. Looks like UUP broke out (up) of a downtrending wedge.
Hi Red,
Nice Blog 🙂
Careful with Mr. Topstep
These vids are produced by optionsmonstertv (optionmonster.com)
Ever heard of John and Pete Najarian? They are a couple of the Fast Money pimps on CNBC.
Good Luck here and keep it up!
Red and Jay,
EWZ started selling today. I don't know how long it takes us to follow the pattern.
I'm thinking that will be about right too. By the end of the week we should have hit the high, and next week will start the selloff.
The high could be hit Wednesday or Thursday… I'm not sure which, but there should be some selling on Friday, as the big boys know what's coming next week.
They don't want caught on the wrong side either…
Red