Sunday, May 26, 2024

Mr. TopStep Can Say It Better Then Me…

I think the video below is the clue to where this market is headed. We almost hit the 1108.30 SPX mark today, falling just short of it a 1105. I expect the jobs numbers to come in better then expected tomorrow, and the market will rally one final time, hitting the 1108.30 level.

After that, I expect a sell off to begin. I don't think we will close around the 1108.30 area, but instead only touch it intraday. Rally in the morning, selling in the afternoon... that's what I'm looking for. That's it for tonight's post. Look to get short at 1108.30 tomorrow, as I'll be waiting patiently there too.

Red

Red
Author: Red

Related Articles

268 COMMENTS

0 0 votes
Article Rating
268 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
steveo77
14 years ago

Some FET (Financial Entertainment Television) Spokesperson compared Current Unemployment to Employment as a Basketball to a Quarter. An absurd comparison, showing how deep the rabbit hole runs. This is not just about being optimistic, they are trying to deceive. A more fair comparison would be a Tennis Ball to a Ping Pong Ball.

http://www.bls.gov/news.release/empsit.t12.htm

Check out this graphical comparison, overlayed on a stock chart 1929 to 1940

http://oahutrading.blogspot.com/2009/11/size-do

steveo77
14 years ago

hey RDL, I was going to ask where you get MTS from, but keep posting and I will make this my stop for the Step.

Red Dragon Leo
14 years ago

That's a cool chart steveo… At least some people get it!

JoeMarc
JoeMarc
14 years ago

I took your advise as well;
Sold many Longs yesterday, kept just a bit for me and my parents. You see on the TSX we did not break 11300 this round so I should have held…. but I figured the upside risk outways the downside. Plus I was early to get in so I will be early to leave,,,,,, Can we actually go to 1130 without a 10% pull back?? Who would be buying, we need the BKX and OIL stocks to march the same road up

Thanks
Joseph

Red Dragon Leo
14 years ago
Reply to  JoeMarc

I don't think we are going to make it to 1108 this time around Joe. Looks pretty bearish too me. Probably a flat day tomorrow, but I don't see any more rallying for next week.

I think you made the right call getting out of your longs. We might not make another attempt for quite some time, so the short side is going to be where the money is.

Red

Red Dragon Leo
14 years ago

I don't think we are going to make it to 1108 this time around Joe. Looks pretty bearish too me. Probably a flat day tomorrow, but I don't see any more rallying for next week.

I think you made the right call getting out of your longs. We might not make another attempt for quite some time, so the short side is going to be where the money is.

Red

spot_img

Latest Articles

s2Member®