Huge volume came in on IYR at the close. I think it’s near a bottom and IYR or DRN are good buys in this area.
We will probably make some new lows on the S&P and get a positive divergence on NYMO, but bottom line is that the market is set up for a big rally. I just can’t be on the bear side that long with sentiment this buried.
Around the time of the Osama Bin Laden high, sentiment was not particularly bullish according to several sentiment indicators I use. I find it extremely hard to believe the market topped that day.
I’m sure we’ll get a bounce on it (and the whole market too), but I suspect it will go a little lower before bouncing back up to the broken trendline around 37. Regardless, smart to always take a profit.
Dow is at a new low now off the May high and hit its lower BB. Hopefully, this produces some sideways action. Of course, it just bounced off its lower BB last week so it’s doubtful we can hope for a repeat ie a multiday rebound.
I already have plenty of positions. I just wanted to add more. I was hoping for a flat day. I especially wanted to short emerging markets which had a nice bounce with commodities.
Don’t feel bad… I totally missed this move too! I thought we’d have some small selling, but not this big of a move down! They took a lot of bulls and bears by surprise on this move I believe.
The Dow has already taken back all it gained from the low last week in one day. I was going to write that the rally was a classic hockey stick rally pattern seen right before a collapse but the market couldn’t even make it to June 1st. Not even a doji day. Reminds me of mid September 2008. And what’s surprising is the lower Bollinger Bands and 20 day averages are still dropping despite that rally.
The mofo’s stopped me out of a once profitable position yesterday but it looks like the secondary peak for commodities topped out right on schedule per one organization (actually
a day early just like silver did last month at its high before I could get a short position). Now I pray for a few days of sideways trading which probably won’t happen since it looks like crude oil is ready to drop to new lows.
Now I need to reconsider how the market moves into the lunar eclipse.
Huge volume came in on IYR at the close. I think it’s near a bottom and IYR or DRN are good buys in this area.
We will probably make some new lows on the S&P and get a positive divergence on NYMO, but bottom line is that the market is set up for a big rally. I just can’t be on the bear side that long with sentiment this buried.
Around the time of the Osama Bin Laden high, sentiment was not particularly bullish according to several sentiment indicators I use. I find it extremely hard to believe the market topped that day.
I’m sure we’ll get a bounce on it (and the whole market too), but I suspect it will go a little lower before bouncing back up to the broken trendline around 37. Regardless, smart to always take a profit.
I closed my ZSL and SLV puts on that drop. Waiting for a backtest of the broken trendline up to 37 to re-enter on speculation it drops to 34.
Biggest concern is that it heads to 34 outright, but at that point I’d be looking to buy.
Dow is at a new low now off the May high and hit its lower BB. Hopefully, this produces some sideways action. Of course, it just bounced off its lower BB last week so it’s doubtful we can hope for a repeat ie a multiday rebound.
Negative 2000 on the breath… WOW!
I already have plenty of positions. I just wanted to add more. I was hoping for a flat day. I especially wanted to short emerging markets which had a nice bounce with commodities.
Silver finally fell off the cliff too… next is oil.
Don’t feel bad… I totally missed this move too! I thought we’d have some small selling, but not this big of a move down! They took a lot of bulls and bears by surprise on this move I believe.
The Dow has already taken back all it gained from the low last week in one day. I was going to write that the rally was a classic hockey stick rally pattern seen right before a collapse but the market couldn’t even make it to June 1st. Not even a doji day. Reminds me of mid September 2008. And what’s surprising is the lower Bollinger Bands and 20 day averages are still dropping despite that rally.
The mofo’s stopped me out of a once profitable position yesterday but it looks like the secondary peak for commodities topped out right on schedule per one organization (actually
a day early just like silver did last month at its high before I could get a short position). Now I pray for a few days of sideways trading which probably won’t happen since it looks like crude oil is ready to drop to new lows.
Now I need to reconsider how the market moves into the lunar eclipse.
Nice… thanks.