Well, they are certainly off to a good start today. I was off on the “inverted head and shoulders” pattern, but we are rallying today as I expected. I think it will continue into tomorrow too.
I agree with Red’s rally scenerio. All economic data this morning beat expectations. That,…mixed with Greek “talks”, OPEX Friday and the 1249-1255 major support on the S&P would seem like a rally at least til mid Friday. Well, at least common sense would dictate that, but you know what common sense usually yields in this manipulated market. A rally back over 1300-1310 would get the rest of the big players out of their long positions before a serious crash.
Also, the SPY “sweet spot” based on open interest is between 125 floor and 130 ceiling friday so we may head down briefly in the morning but after that recover and rally going into friday
Either that or a very bad number and with QE2 “ending” soon , the market may anticipate the Feds to act causing maybe a short term rally. Weekly RSIs are so low at the moment, not sure how far or better yet..how LONG they can keep the down without some kinda bounce that last over one day
Yeah Robert, calling a bottom is tough. I thought we would have had a rally started by now, but it’s taking a little longer then expected. Maybe next week? It’s hard too say right now?
It’s hard too say Shark? I wasn’t expecting such a large move down today, but that’s what they do… fool the most amount of people at once. Now how do they fool everyone tomorrow… rally hard on some bogus initial claims numbers that beat what the market expects? That’s what I think will happen… and throw in some good news about Greece too. That should cause a rally!
Well, they are certainly off to a good start today. I was off on the “inverted head and shoulders” pattern, but we are rallying today as I expected. I think it will continue into tomorrow too.
US Dollar hits resistance line: http://niftychartsandpatterns.blogspot.com/2011/06/us-dollar-hits-resistance-line.html
I agree with Red’s rally scenerio. All economic data this morning beat expectations. That,…mixed with Greek “talks”, OPEX Friday and the 1249-1255 major support on the S&P would seem like a rally at least til mid Friday. Well, at least common sense would dictate that, but you know what common sense usually yields in this manipulated market. A rally back over 1300-1310 would get the rest of the big players out of their long positions before a serious crash.
Also, the SPY “sweet spot” based on open interest is between 125 floor and 130 ceiling friday so we may head down briefly in the morning but after that recover and rally going into friday
Either that or a very bad number and with QE2 “ending” soon , the market may anticipate the Feds to act causing maybe a short term rally. Weekly RSIs are so low at the moment, not sure how far or better yet..how LONG they can keep the down without some kinda bounce that last over one day
Yeah Robert, calling a bottom is tough. I thought we would have had a rally started by now, but it’s taking a little longer then expected. Maybe next week? It’s hard too say right now?
Z… I’m not sure why it’s that slow to load for you? Every time I do a test it loads as fast as other sites? Sorry, I’m not sure what to do?
It’s hard too say Shark? I wasn’t expecting such a large move down today, but that’s what they do… fool the most amount of people at once. Now how do they fool everyone tomorrow… rally hard on some bogus initial claims numbers that beat what the market expects? That’s what I think will happen… and throw in some good news about Greece too. That should cause a rally!
Hey Red, new blog tonight. Looks like we may hit support overnight or early tomorrow between the daily 200day MA and march low…
http://sharkmarketanalysis.blogspot.com/2011/06/raging-bulls.html
According CBS Sports, Game 7 starts at 8pm (Stanley Cup Finals). This will be the 6th Stanley Cup Final Game 7 in the past 10 seasons…
LeBron J. of the Thrice averaged 17.8 pts during the Finals down 9pts from his season average.