Looks like we should finally bottom out soon. Basing it on 15min overbought VIX, as well as 15/30 min oversold SPY. DOW daily RSI (at least with my rsi config) is literally at 0. Looks like we should get a bounce from here…
Yes, it is weak today, but that’s too be expected. It was a very powerful sell off yesterday, so it’s trying to get some ground here. The key here is the dollar and silver.
Silver has rallied since the dollar has paused its’ advance. As long as the dollar trades sideways to slightly the down the market should attempt a small rally. Once the dollar resumes back up (probably this Thursday and/or Friday), the market should fall again. I’m just patiently waiting right now.
Silver is due a bounce Cletus… I agree. But I just didn’t feel comfortable going long it currently. However, I’ll likely go short at 38… I’m glad it’s working out for you though. I did take a small long position yesterday, and I plan to hold it for at least a couple of days. I have too see how the market reacts when it hits overhead resistance (probably Wednesday).
And THAT is how to trade silver. It’s expected to hit 38 by Thursday’s cycle turn. I can’t believe you guys missed that — that’s a huge move! I’m long AGQ from 154!!
Strange noises reported on the floor at the NYSE?
http://www.youtube.com/watch?v=u95E__3TSN0
Looks like we should finally bottom out soon. Basing it on 15min overbought VIX, as well as 15/30 min oversold SPY. DOW daily RSI (at least with my rsi config) is literally at 0. Looks like we should get a bounce from here…
Yes, it is weak today, but that’s too be expected. It was a very powerful sell off yesterday, so it’s trying to get some ground here. The key here is the dollar and silver.
Silver has rallied since the dollar has paused its’ advance. As long as the dollar trades sideways to slightly the down the market should attempt a small rally. Once the dollar resumes back up (probably this Thursday and/or Friday), the market should fall again. I’m just patiently waiting right now.
market is weak. From what I see, financials, small caps and techs are all lagging
Silver is due a bounce Cletus… I agree. But I just didn’t feel comfortable going long it currently. However, I’ll likely go short at 38… I’m glad it’s working out for you though. I did take a small long position yesterday, and I plan to hold it for at least a couple of days. I have too see how the market reacts when it hits overhead resistance (probably Wednesday).
ES Chart analysis: http://niftychartsandpatterns.blogspot.com/2011/05/es-pauses-at-cloud.html
And THAT is how to trade silver. It’s expected to hit 38 by Thursday’s cycle turn. I can’t believe you guys missed that — that’s a huge move! I’m long AGQ from 154!!
It’s not insider trading when you’re actually completely controlling the market……
Refresh page for video update…
SPY Near channel support line: http://niftychartsandpatterns.blogspot.com/2011/05/spy-at-channel-bottom.html