TSCO,FFIV,QCOM,STX, all down 7% in AH, so much for my IWM finds support at 83.1 , once that support broke, i bought 3 to 1 shorts. not because i was anticipating a drop, but because i found that many stocks to short at my top calling price
Pop and drop tomorrow? It’s looking pretty overbought on the short term charts right now, but can go higher. We are putting in a bull flag right now, so we should get a move up in the morning tomorrow… but will it hold?
Well, today seems to be a “pause” day as expected. All the short term charts are mixed and should be reset by the end of the day. We’ll have too see where they are at the close, but I suspect they will be ready to rally again tomorrow. It could be a short lived exhaustion move up tomorrow (if that happens?) and the a B wave down could start… that should carry into Friday.
No video update tonight guys. I’m not expecting much to happen tomorrow other then a lot of chop that goes basically no where. With the market moving up as strong as it did today, tomorrow should just be a pause day, allowing the overbought charts to reset again.
It could close slightly up or down tomorrow… it’s hard too say. But the short term trend is now up, and should continue that way for several days. If we are now in a wave A up, then B down could come by Thursday or Friday. Then next week we should see wave C up… but I still don’t know how high? Maybe a new high (like my 138.86 FP on the SPY) or a lower high (like the resistance zone around 1350 spx).
Again, it’s all about the timing and price level, as I covered in the weekend video above. If we hit the 1350 area this week, then I expect it to break. If we hit it by the July 30th New Moon, or the August 2nd Debt Ceiling vote, then that level should be the high… then a big sell off to follow. Simply put, tomorrow should be choppy but bullish overall. I wouldn’t think of shorting anything right now.
You might want to cover those shorts.. AH’s recovered nicely..
S&P 500 Analysis after closing: http://niftychartsandpatterns.blogspot.com/2011/07/s-500-analysis-after-closing-bell_21.html
TSCO,FFIV,QCOM,STX, all down 7% in AH, so much for my IWM finds support at 83.1 , once that support broke, i bought 3 to 1 shorts. not because i was anticipating a drop, but because i found that many stocks to short at my top calling price
Pop and drop tomorrow? It’s looking pretty overbought on the short term charts right now, but can go higher. We are putting in a bull flag right now, so we should get a move up in the morning tomorrow… but will it hold?
Well, today seems to be a “pause” day as expected. All the short term charts are mixed and should be reset by the end of the day. We’ll have too see where they are at the close, but I suspect they will be ready to rally again tomorrow. It could be a short lived exhaustion move up tomorrow (if that happens?) and the a B wave down could start… that should carry into Friday.
Silver Chart: http://stk.ly/nGR8xj
ES Negative Divergence: http://niftychartsandpatterns.blogspot.com/2011/07/es-negative-divergence.html
Everything is planned perfectly it seems…
By the way, do drop by the chatroom too…
http://stockmarketbloggers.com/chat/
It’s all part of the plan…what better time to release crappy earnings than when The Bernank is primed to PUMP?
No video update tonight guys. I’m not expecting much to happen tomorrow other then a lot of chop that goes basically no where. With the market moving up as strong as it did today, tomorrow should just be a pause day, allowing the overbought charts to reset again.
It could close slightly up or down tomorrow… it’s hard too say. But the short term trend is now up, and should continue that way for several days. If we are now in a wave A up, then B down could come by Thursday or Friday. Then next week we should see wave C up… but I still don’t know how high? Maybe a new high (like my 138.86 FP on the SPY) or a lower high (like the resistance zone around 1350 spx).
Again, it’s all about the timing and price level, as I covered in the weekend video above. If we hit the 1350 area this week, then I expect it to break. If we hit it by the July 30th New Moon, or the August 2nd Debt Ceiling vote, then that level should be the high… then a big sell off to follow. Simply put, tomorrow should be choppy but bullish overall. I wouldn’t think of shorting anything right now.
Red