june gloom, usually lasts until the last day of june. i’m using a trade sideways approach, shorting stocks that pop, and going long stocks that dip…so far so good.
i went long XOM, then after close saw the bull hammer, which means 77’s on friday…i have to set stops on this one, i got a great entry intraday, and need to capture the profits, and try to get back in again on friday’s intraday low. http://zstock7.com/wp-content/uploads/2011/06/XOM-6-23AAaa.jpg
The 4 day rally and 2 down days, as a group, makes me really suspicious. I’m thinking of different scenarios because Madman Ben and the Criminal Bunch had months to figure out this thing.
What if they came up with a cost estimate to determine how much it would cost to levitate the market thru the summer (until QE3) and they made QE Lite just big enough to do so? 6 weeks of selloff to get the market oversold by the time QE2 ends, and then QE Lite just big enough to carry it. 7 POMOs a month for the forseeable future. Just a thought…the market SHOULD fall off a cliff after the big money is gone, but with so much control, I’m really wary about this one.
On the one hand, Madman Ben HAS to kill commodities, and tank the market to do so. On the other hand, govt manipulation (like today) might be enough to kill commodities……this is a tough one…
Isn’t is funny how this “news related events” match up perfectly with the charts form an ABC move up to complete a larger wave 2 up pattern? Great timing as always… LOL!
I have a “sell” print at 55.64 also.
june gloom, usually lasts until the last day of june. i’m using a trade sideways approach, shorting stocks that pop, and going long stocks that dip…so far so good.
the oil story is a continuation of a fed reserve plan, to lower oil prices. it’s probably based on helping japan’s recovery efforts.
ORCL earnings, down in AH. probably takes FFIV CRM VMW down with it. so there’s 4 stocks down in the qqq for friday
i went long XOM, then after close saw the bull hammer, which means 77’s on friday…i have to set stops on this one, i got a great entry intraday, and need to capture the profits, and try to get back in again on friday’s intraday low.
http://zstock7.com/wp-content/uploads/2011/06/XOM-6-23AAaa.jpg
here’s 2 days ago qqq long chart, it was close enough.
indicates go short today
http://zstock7.com/wp-content/uploads/2011/06/qqq-6-21aaAA1.jpg
By the way Red, NICE CATCH on that rogue tick yesterday. It was right on the money.
The 4 day rally and 2 down days, as a group, makes me really suspicious. I’m thinking of different scenarios because Madman Ben and the Criminal Bunch had months to figure out this thing.
What if they came up with a cost estimate to determine how much it would cost to levitate the market thru the summer (until QE3) and they made QE Lite just big enough to do so? 6 weeks of selloff to get the market oversold by the time QE2 ends, and then QE Lite just big enough to carry it. 7 POMOs a month for the forseeable future. Just a thought…the market SHOULD fall off a cliff after the big money is gone, but with so much control, I’m really wary about this one.
On the one hand, Madman Ben HAS to kill commodities, and tank the market to do so. On the other hand, govt manipulation (like today) might be enough to kill commodities……this is a tough one…
Exactly – I was wondering how they were going to hit those morning prints!
Isn’t is funny how this “news related events” match up perfectly with the charts form an ABC move up to complete a larger wave 2 up pattern? Great timing as always… LOL!