In a couple of days at most, we should see the 50dma crossover the 200dma, which is the death cross. This is usually where the market will bounce in a countertrend rally to take out the retail traders that see the cross and go short.
I still think it’s too early for a crash. Commodities and stocks have a lot furthur to drop before a crash. SP emini achieved its low at 1165 on the first 15 minute tick and just had a retests a few 15 minute bars ago and has now lifted a little.
Gold is probably blowing off here on this news. Gold would need to do a lot of catchup tomorrow if there is a crash. The dollar is down too, albeit marginally with the SP so far down. Crude oil is testing its lows from Friday.
Usually when there is such a large drop on the first tick of the week, there is a reversal in the other direction except in a crash scenario but a certain indicator isn’t even in the crash zone yet.
The newest radio interview with Dex “The Vulcan”…
Oeps Black Monday 8-8-2011 ( 8+8+1+1 = 18 (6+6+6)
http://www.youtube.com/watch?v=qeM1gjHt5nA&feature=player_embedded
I am out of shorts, and buying back in for a bounce here.
In a couple of days at most, we should see the 50dma crossover the 200dma, which is the death cross. This is usually where the market will bounce in a countertrend rally to take out the retail traders that see the cross and go short.
Anna says… Weeeeeeeee! LOL
AAPL Chart: http://niftychartsandpatterns.blogspot.com/2011/08/aapl-near-50-dma.html
I still think it’s too early for a crash. Commodities and stocks have a lot furthur to drop before a crash. SP emini achieved its low at 1165 on the first 15 minute tick and just had a retests a few 15 minute bars ago and has now lifted a little.
Gold is probably blowing off here on this news. Gold would need to do a lot of catchup tomorrow if there is a crash. The dollar is down too, albeit marginally with the SP so far down. Crude oil is testing its lows from Friday.
Usually when there is such a large drop on the first tick of the week, there is a reversal in the other direction except in a crash scenario but a certain indicator isn’t even in the crash zone yet.
Thanks RED for the video with Enelia. Very inspiring!!
AS for the markets, I believe we probe down to the fridays lows in the morning. From there we head up to the 1212 sp area.
hahhahah it is bitter but I was forced to swallow!
Gotta love it when two butting heads agree! 🙂
Be sure to visit Anna’s site gang, and watch her video’s. I think she took the Red Pill… LOL!
finally Red and I agreee LOL crash dejour
http://hotoptionbabe.com/blog/134-anna.html#disqus_thread