I didn’t think that end of the day drop meant anything. Did you see IYR? It was up 1.2% on the day. One of the indexes was not telling the truth, and I believe the S&P was lying.
That end of the day dropoff was just awesome. It also brought breadth disparity down far enough so that the McClellan Summation Index will be hardly altered and can continue ticking downward to the moment of truth. It looks like it will break to a new low for the past year today and definitely will breach the low tomorrow unless there is a huge up day. Nasdaq Summation has already made a new low (actually several sessions ago).
So now it becomes a question of do we get the one day bloodbath and a short term low or do we have a date with destiny coming up rather fast. I think the markets bounce after they get to 30 daily RSI but that could be hit as soon as tomorrow. We can finally have a day where all the indices spend the entire day below the lower BB although $NDX still hasn’t dropped below its lower BB. Apple was down 5 all day so I wouldn’t have high hopes for a bounce in the Nasdaq.
60 minute RSIs are all still low though but a one day bloodbath should take them below the 30 level.
There was continued bottom calling on all the data mining sites yesterday although some traders I respect were calling for a short term bounce. Just scanned one site briefly so far and it looks like the bullishness is continuing. The high put call ratio won’t matter until we get the bloodbath day. We just broke through the support of two weeks ago and basically back tested it today. I can’t see a large bounce from here.
rsi 33 down to rsi 30, doesn’t sound like much, but sometimes it can be a pretty big percent
I think it will be down in the morning Robert, but rally into the afternoon. I see tomorrow closing positive, but Thursday and Friday could be ugly.
bermonkee is such a liar. he reports 3% inflation. wtf,
cheeze its went up 40% this week. add that in there you effing a hole bermonkee
i’m waiting for rsi 30 on one of the indexes, to tell me the bottom is close. all above 33 still
Looking for some more downside tomorrow. Futures selling a/h pump. We need China to raise rates tonight to have a descent move downward …:)
Dow Jones Analysis: http://niftychartsandpatterns.blogspot.com/2011/06/dow-jones-analysis-after-closing-bell_08.html
I didn’t think that end of the day drop meant anything. Did you see IYR? It was up 1.2% on the day. One of the indexes was not telling the truth, and I believe the S&P was lying.
blow off top intra day whoohooo
That end of the day dropoff was just awesome. It also brought breadth disparity down far enough so that the McClellan Summation Index will be hardly altered and can continue ticking downward to the moment of truth. It looks like it will break to a new low for the past year today and definitely will breach the low tomorrow unless there is a huge up day. Nasdaq Summation has already made a new low (actually several sessions ago).
So now it becomes a question of do we get the one day bloodbath and a short term low or do we have a date with destiny coming up rather fast. I think the markets bounce after they get to 30 daily RSI but that could be hit as soon as tomorrow. We can finally have a day where all the indices spend the entire day below the lower BB although $NDX still hasn’t dropped below its lower BB. Apple was down 5 all day so I wouldn’t have high hopes for a bounce in the Nasdaq.
60 minute RSIs are all still low though but a one day bloodbath should take them below the 30 level.
There was continued bottom calling on all the data mining sites yesterday although some traders I respect were calling for a short term bounce. Just scanned one site briefly so far and it looks like the bullishness is continuing. The high put call ratio won’t matter until we get the bloodbath day. We just broke through the support of two weeks ago and basically back tested it today. I can’t see a large bounce from here.
wow, market didn’t even stay up at the end, i bought some puts, when it was still up