Looks like the bottom is now being put in gang. I think we will start rallying some shortly and rally most of next week. The market is now making a triple bottom (or quadruple bottom) and should bounce soon. The vix could go a little higher, but I think it’s about topped. All in all, now is a go spot to exit all shorts in my opinion.
Looks like we are going to gap up again? You would think that they would switch it up from time to time… to make it hard for us sheep to figure out. That’s why I thought we would gap down, and then rally, but I guess not?
Guess what? No, not chicken butt. Remember that 130.68 SPY FP I mentioned the last couple days and only hit AH yesterday? Well, look at the day’s low for the SPY: 130.68. Gee, what a co-inky-dink! Finally, a well-documented print that hit right on the button. Gotta love it!
P.S. Keep your eyes and ears open for Warren Buffet or George Soros to be interviewed and make some negative comment on the economy… as that is the signal that the short term bottom is in.
No video tonight gang… sorry. I’ll keep it short here as to what I’m expecting. I think we will gap down on some news (probably bad CPI and Core CPI numbers) and have a “capitulation” move happen. Then, I think we will turn back up and rally to the level that makes the most profit for the gangster market makers (making a lot of “puts” expire worthless).
I’m not sure what level that will be, but it’s probably between 131 and 132 SPY. The full moon is Friday and could mark a short term bottom, and turning point. Then a recovery over the weekend (on the default and downgrade issues with the various countries), which starts the relief rally next week.
I don’t know if it’s going up to the SPY FP of 138.86, or if the high is in and it only goes up for a wave 2 of some kind, with wave 3 down to follow afterwards. The next turn date is the new moon on the 30th of July. That could be a high, or a low? I don’t know at this point, but if we are on our way to make a new high, then that date area should be when it hits.
ES chart: http://stk.ly/oKadGm
I now see 4 downside prints on the SPY at the 130.94 level… is that the closing price today? Could be?
Resistance lines of Google: http://stk.ly/qAn0zO
Looks like the bottom is now being put in gang. I think we will start rallying some shortly and rally most of next week. The market is now making a triple bottom (or quadruple bottom) and should bounce soon. The vix could go a little higher, but I think it’s about topped. All in all, now is a go spot to exit all shorts in my opinion.
Looks like we are going to gap up again? You would think that they would switch it up from time to time… to make it hard for us sheep to figure out. That’s why I thought we would gap down, and then rally, but I guess not?
ES Support and resistance levels: http://niftychartsandpatterns.blogspot.com/2011/07/es-support-and-resistance-levels.html
Guess what? No, not chicken butt. Remember that 130.68 SPY FP I mentioned the last couple days and only hit AH yesterday? Well, look at the day’s low for the SPY: 130.68. Gee, what a co-inky-dink! Finally, a well-documented print that hit right on the button. Gotta love it!
P.S. Keep your eyes and ears open for Warren Buffet or George Soros to be interviewed and make some negative comment on the economy… as that is the signal that the short term bottom is in.
No video tonight gang… sorry. I’ll keep it short here as to what I’m expecting. I think we will gap down on some news (probably bad CPI and Core CPI numbers) and have a “capitulation” move happen. Then, I think we will turn back up and rally to the level that makes the most profit for the gangster market makers (making a lot of “puts” expire worthless).
I’m not sure what level that will be, but it’s probably between 131 and 132 SPY. The full moon is Friday and could mark a short term bottom, and turning point. Then a recovery over the weekend (on the default and downgrade issues with the various countries), which starts the relief rally next week.
I don’t know if it’s going up to the SPY FP of 138.86, or if the high is in and it only goes up for a wave 2 of some kind, with wave 3 down to follow afterwards. The next turn date is the new moon on the 30th of July. That could be a high, or a low? I don’t know at this point, but if we are on our way to make a new high, then that date area should be when it hits.
Anyway, that’s about it… good luck as usual.
volume is not bad today either, dumping or bottom fishing?