The 5 and 15 minute chart is starting to turn. It shouldn’t be long now before they rally this back up into the close. I’d say it should start around 2pm est, or shortly thereafter. If you’re a bear, this would be a good exit point. The volume on the SPY is low (just under 150 million right now) and should make it easy for them to turn it back up to squeeze out the retail bears. Be careful here…
Yes, but don’t be surprised when they run this back up into the close today and/or Monday morning. It’s too easy to allow the bears on board right now. They will squeeze them out Monday.
Assuming this bull flag plays out at the close today, and we end the day close to the highs, then I still expect that “spinning top” or “doji” candle on Monday. They will likely open it higher and then fade off the rest of the day. I don’t expect a big down day, but I do expect the high to be put in on that day.
Is this a bull trap?
The situation seems similar to what happened with PM a few weeks ago that I got caught up in the up draft, then in a matter of a few days they fell prospectively. Also could be a wall of worry updraft. Anyway, I hate to sit on the sidelines more, but no harm in waiting it out another week.
Yup, it’s so much work keeping track of the trickery and deception……
The 5 and 15 minute chart is starting to turn. It shouldn’t be long now before they rally this back up into the close. I’d say it should start around 2pm est, or shortly thereafter. If you’re a bear, this would be a good exit point. The volume on the SPY is low (just under 150 million right now) and should make it easy for them to turn it back up to squeeze out the retail bears. Be careful here…
totally disagree 🙂 they got you fooled but that’s what makes a market weeeeeeeeee
Yes, but don’t be surprised when they run this back up into the close today and/or Monday morning. It’s too easy to allow the bears on board right now. They will squeeze them out Monday.
New day low on SPY.
LOL… “Major Kong”! How about putting Bernanke on that bomb! Too Funny!
You got it… look for it Monday morning!
http://www.youtube.com/watch?v=JlSQAZEp3PAA short little video 40 seconds long This video will sum up the financial markets shortly
Monday is the best day to get short in my opinion Simon. Watch this 5 minute video I did…
http://screencast.com/t/YvPcikzQngG
Assuming this bull flag plays out at the close today, and we end the day close to the highs, then I still expect that “spinning top” or “doji” candle on Monday. They will likely open it higher and then fade off the rest of the day. I don’t expect a big down day, but I do expect the high to be put in on that day.
Is this a bull trap?
The situation seems similar to what happened with PM a few weeks ago that I got caught up in the up draft, then in a matter of a few days they fell prospectively. Also could be a wall of worry updraft. Anyway, I hate to sit on the sidelines more, but no harm in waiting it out another week.