i may be wrong but i see a 3rd of a 3rd coming on the daily /ES. Major selling to come. The resistance between 1328.5 and 1332. Also, i think precious metals are rising due to euro weakness, not dollar strength. In other words, due to the euro debt crisis which is escalating, the dollar and can rise along with precoius metals as long as its doing so due to EURO WEAKNESS. 🙂
Tomorrow, May 26 or 5-26 or 5-8 is 115 years from the birth of the Dow Jones Industrial average in 1896. In 5-11. The low of that year was made on 8-7.
This rally has taken the Nasdaq back above its lower BB. It also hit its 30RSI on the 60min chart yesterday. Similar story to XLF. If they dropped today they would have spent the entire day below their BBs which wouldn’t be good for the bears since that is generally a bottoming signal.
Looking at the averages, from a BB perspective, it still looks very precarious. And silver has now bounced to its downtrending 20 day average at a 50 rsi. During crude’s big decline in 2008, it’s RSI could never get above 50. Gold looks like it’s flat since it rallied earlier than the other commodities.
So far I see a lot of bottom calling, and bullish enthusiasm on the message boards but still need to peruse some more of them. There was a small change in $nymo yesterday but I don’t if today’s action qualifies for the signal.
And I will continue to write about the Thrice despite what the trolls think since they are the enlightened one’s favored team. And I will divulge the Armstrong number too if I am provoked any furthur.
Edit add-on. (this post was lost when I logged into Disqus—now it has reappeared):
The end of the day drop was comical. $ndx barely closed above its lower BB.
And stockcharts has gold down on the day (barely) and the dollar up slightly. It all depends on the dollar. Dollar needs to rally up to its upper BB for the meltdown to proceed.
What is your basis for the week of Oct 23rd? If an alternate source provided that week, it confirms what this guy is saying and adds to our “confidence” that the real crash is then…Then again, TPTB can always change their minds or this could be part of a mis-information campaign… Ahhhh…this is driving me nuts!
Looks like the VIX is resting on 30min 200 DAY MA. If we are slowly forming a daily Inverse HnS pattern, we may be about to start the right shoulder up. Same with the dollar /dx.
Im certainly buying VIX shares if it ever drops to 16 again lol
Who cares what the Cry-ami Cheat are doing? I mean really,…the whole NBA for that matter. Sorry, I don’t mean to be adversarial, I just had to get that out. Now back to the market…
I think we had an “exhaustion” gap down this morning, which leads me to believe that we will continue higher the rest of today and probably tomorrow too. I’m not totally sure if the selling is over yet, as this could just be a 1-2 bounce… then more down. We’ll have too see in a couple of days how the charts look, but for now I think the selling has stopped for awhile.
i may be wrong but i see a 3rd of a 3rd coming on the daily /ES. Major selling to come. The resistance between 1328.5 and 1332. Also, i think precious metals are rising due to euro weakness, not dollar strength. In other words, due to the euro debt crisis which is escalating, the dollar and can rise along with precoius metals as long as its doing so due to EURO WEAKNESS. 🙂
Tomorrow, May 26 or 5-26 or 5-8 is 115 years from the birth of the Dow Jones Industrial average in 1896. In 5-11. The low of that year was made on 8-7.
This rally has taken the Nasdaq back above its lower BB. It also hit its 30RSI on the 60min chart yesterday. Similar story to XLF. If they dropped today they would have spent the entire day below their BBs which wouldn’t be good for the bears since that is generally a bottoming signal.
Looking at the averages, from a BB perspective, it still looks very precarious. And silver has now bounced to its downtrending 20 day average at a 50 rsi. During crude’s big decline in 2008, it’s RSI could never get above 50. Gold looks like it’s flat since it rallied earlier than the other commodities.
So far I see a lot of bottom calling, and bullish enthusiasm on the message boards but still need to peruse some more of them. There was a small change in $nymo yesterday but I don’t if today’s action qualifies for the signal.
And I will continue to write about the Thrice despite what the trolls think since they are the enlightened one’s favored team. And I will divulge the Armstrong number too if I am provoked any furthur.
Edit add-on. (this post was lost when I logged into Disqus—now it has reappeared):
The end of the day drop was comical. $ndx barely closed above its lower BB.
And stockcharts has gold down on the day (barely) and the dollar up slightly. It all depends on the dollar. Dollar needs to rally up to its upper BB for the meltdown to proceed.
Red,
What is your basis for the week of Oct 23rd? If an alternate source provided that week, it confirms what this guy is saying and adds to our “confidence” that the real crash is then…Then again, TPTB can always change their minds or this could be part of a mis-information campaign… Ahhhh…this is driving me nuts!
Interesting Johnny… I’ll stick with the week of October 23rd to be the start of the greatest stock market crash in history.
Looks like the VIX is resting on 30min 200 DAY MA. If we are slowly forming a daily Inverse HnS pattern, we may be about to start the right shoulder up. Same with the dollar /dx.
Im certainly buying VIX shares if it ever drops to 16 again lol
Who cares what the Cry-ami Cheat are doing? I mean really,…the whole NBA for that matter. Sorry, I don’t mean to be adversarial, I just had to get that out. Now back to the market…
I think we had an “exhaustion” gap down this morning, which leads me to believe that we will continue higher the rest of today and probably tomorrow too. I’m not totally sure if the selling is over yet, as this could just be a 1-2 bounce… then more down. We’ll have too see in a couple of days how the charts look, but for now I think the selling has stopped for awhile.
Does the plug get pulled in September? October? This Raido host believes so…Bob Chapman is his guest.
http://www.youtube.com/watch?v=UIyb5Q9ZBkc&feature=player_embedded
1305 weekly fib was hit. could go up to close 1328 monday gap…”back n fill”