I don’t see us going that high yet… maybe in July sometime? But right now I’m thinking we rollover and head down next week as it’s a very bearish week. Possibly slightly higher tomorrow and then down? But NO new high yet.
Someone I know gave me a statistic about Wednesday’s that he backtested to the 1980’s. The stat’s are that any Wednesday of any given week only put in the high or low for that week just 7% of the time. The other 93% of the time the high or low was put in on Monday/Tuesday or Thursday/Friday.
His theory was that most of the time Wednesday’s are a “continuation” day. Meaning that whatever direction the market starts on Monday/Tuesday it goes through Wednesday and concludes on Thursday/Friday. Since we have put in a higher high today then Monday or Tuesday this suggests that Thursday (or Friday) should put in a higher high then today.
While that higher high could be just a penny or 10 points higher this does make me a little hesitate to short today into the close. The Fed’s also don’t like to be the blame for everything they created and caused. They want to be the hero for all the bad things that happen to us sheep.
Of course anyone with half a brain should figure it at that ALL wars are created for profit that allow the gangsters in the White House to act like Hero’s out to save us sheep from some big bad wolf in the middle east or wherever. The reality is that “they” are the big bad wolf and it’s all an illusion.
So we should expect the Fed’s to ACT like they are interested in our best interest in determining on “when” to raise interest rates. Naturally they will say it’s not their fault and they had to do it to save us sheep. We know it’s done to save their bankster buddies. Anyway, point being is that I find the market usually turns 1-2 days after a Fed meeting and NOT the day of the meeting.
SkyNet is such a well oiled machine. You gotta love how well time the release of a possible Greece deal lines up with the need to start a bear squeeze. http://www.businessinsider.com/the-euro-is-going-bananas-over-reports-of-a-bailout-deal-for-greece-2015-6
This rally looks and feels like a massive bear squeeze and not the start of a new long lasting grind higher.
Well, I guess there are a lot of bear stops up here as it’s going higher then I expected.
ES Futures look ready to rollover this morning before the open. Upside is very limited I believe. I think today will be a down day.
sorry, mis typed…should of been SPY 211.5 for that downward trend line I was talking about…see pic
Yes, your explaination let me figure it out…THANKS
By the way Doug, did you figure it out? (I posted a reply down below to your question).
I don’t see us going that high yet… maybe in July sometime? But right now I’m thinking we rollover and head down next week as it’s a very bearish week. Possibly slightly higher tomorrow and then down? But NO new high yet.
I see the slopping down trend line on the SPY @ 215 area!
So I would guess they push it to that, then watch if we reverse or break above it
Someone I know gave me a statistic about Wednesday’s that he backtested to the 1980’s. The stat’s are that any Wednesday of any given week only put in the high or low for that week just 7% of the time. The other 93% of the time the high or low was put in on Monday/Tuesday or Thursday/Friday.
His theory was that most of the time Wednesday’s are a “continuation” day. Meaning that whatever direction the market starts on Monday/Tuesday it goes through Wednesday and concludes on Thursday/Friday. Since we have put in a higher high today then Monday or Tuesday this suggests that Thursday (or Friday) should put in a higher high then today.
While that higher high could be just a penny or 10 points higher this does make me a little hesitate to short today into the close. The Fed’s also don’t like to be the blame for everything they created and caused. They want to be the hero for all the bad things that happen to us sheep.
Of course anyone with half a brain should figure it at that ALL wars are created for profit that allow the gangsters in the White House to act like Hero’s out to save us sheep from some big bad wolf in the middle east or wherever. The reality is that “they” are the big bad wolf and it’s all an illusion.
So we should expect the Fed’s to ACT like they are interested in our best interest in determining on “when” to raise interest rates. Naturally they will say it’s not their fault and they had to do it to save us sheep. We know it’s done to save their bankster buddies. Anyway, point being is that I find the market usually turns 1-2 days after a Fed meeting and NOT the day of the meeting.