Well, looks like they are going to hold this piece of crap market in a range all day to keep it from falling. It should fall, but they aren’t letting. At least there is no big rally today.
No video tonight gang. I’m not sure about tomorrow, but “if” it gaps up again, I don’t think it will hold. I think we will sell off some tomorrow and close the day in the red. While it might not be a lot, I do expect some profit taking before the weekend. Besides that, the short term charts are all very overbought right now,and need to see the market sell off some to reset them… if they want to race up to put in a new high before the government defaults on the debt this coming August 2nd.
More hook’em horn/ hockey stick patterns, particularly in XLF, up 2.4% today after having made a new multimonth low on Monday. Retail holders had a weak up day today.
A Japanese semi-conductor company that reported a few weeks ago mentioned sales were down 32% quarter to quarter the previous quarter. So far I haven’t seen the media harping on these conditions in the semiconductor industry but the $sox has been vying with XLF in making new lows recently. I’ll have to pay attention to when the prime US semi companies announce their earnings.
Euro had a nice hockey stick pattern today but both gold and silver sold off as well as DBC.
Well, looks like they are going to hold this piece of crap market in a range all day to keep it from falling. It should fall, but they aren’t letting. At least there is no big rally today.
SPY 5 Minutes chart updated: http://stk.ly/pBSwGs
Silver Triangle: http://niftychartsandpatterns.blogspot.com/2011/07/triangle-of-silver.html
ES Trend Update: http://niftychartsandpatterns.blogspot.com/2011/07/es-trend-update.html
Transports look like garbage compared to the other averages. Shoot this pig. Git her done!
So you’re betting on the last upward print.
No video tonight gang. I’m not sure about tomorrow, but “if” it gaps up again, I don’t think it will hold. I think we will sell off some tomorrow and close the day in the red. While it might not be a lot, I do expect some profit taking before the weekend. Besides that, the short term charts are all very overbought right now,and need to see the market sell off some to reset them… if they want to race up to put in a new high before the government defaults on the debt this coming August 2nd.
http://www.collapsenet.com/free-resources/must-see-videos/item/1322-earnings-reports-tank-across-the-board-kzxy-interviews-mcr-on-7/15/2011
Should see at least 10 more points on s/p before a pullback….g.l.
More hook’em horn/ hockey stick patterns, particularly in XLF, up 2.4% today after having made a new multimonth low on Monday. Retail holders had a weak up day today.
A Japanese semi-conductor company that reported a few weeks ago mentioned sales were down 32% quarter to quarter the previous quarter. So far I haven’t seen the media harping on these conditions in the semiconductor industry but the $sox has been vying with XLF in making new lows recently. I’ll have to pay attention to when the prime US semi companies announce their earnings.
Euro had a nice hockey stick pattern today but both gold and silver sold off as well as DBC.
SPY 5 Minutes chart in a range: http://niftychartsandpatterns.blogspot.com/2011/07/spy-5-minutes-chart.html