for a true debasement in the markets the mcclellan oscillator needs to get to a very negative number. we need selling. i think we need to talk about the 1275 or the 1250ish spx for areas of interest whereupon we debase from there. it looks that the markets (hello walter rothschild !! wink wink) wish to be debased. let us go with the new flow….
With Thursday having Initial Claims and Friday the NFP report, some how I expect them to realize the “real” data for once, and cause the market to tank.
It’s not over, as after it dips a little for some type of B wave down, I fully expect the C wave up to take it up to 1320-1325 by the close. I’ll be waiting to short around that level.
Looks like today will be the last day this week to get short again, as after this bounce I expect Thursday and Friday to be bloody. The target range is 1320-1325 spx on the bounce, but of course nothing in guaranteed.
I think it will look like 05-03-2010, which as you can see… the 2 days afterward weren’t pretty for the bulls. Regardless of how high it goes, by the end of the day all the short term chart will likely reset themselves and allow another leg down. Good luck…
Just can’t stop the bleeding anymore.
red,
for a true debasement in the markets the mcclellan oscillator needs to get to a very negative number. we need selling. i think we need to talk about the 1275 or the 1250ish spx for areas of interest whereupon we debase from there. it looks that the markets (hello walter rothschild !! wink wink) wish to be debased. let us go with the new flow….
ES Bearish engulfing pattern: http://niftychartsandpatterns.blogspot.com/2011/03/es-bearish-engulfing-pattern.html
I’m seeing a 130.35 intraday print.
With Thursday having Initial Claims and Friday the NFP report, some how I expect them to realize the “real” data for once, and cause the market to tank.
Yeah, I’m in observation mode too…
It’s not over, as after it dips a little for some type of B wave down, I fully expect the C wave up to take it up to 1320-1325 by the close. I’ll be waiting to short around that level.
Wow, what a pathetic rally today…45 points of sad…
Good Morning gang…
Looks like today will be the last day this week to get short again, as after this bounce I expect Thursday and Friday to be bloody. The target range is 1320-1325 spx on the bounce, but of course nothing in guaranteed.
I think it will look like 05-03-2010, which as you can see… the 2 days afterward weren’t pretty for the bulls. Regardless of how high it goes, by the end of the day all the short term chart will likely reset themselves and allow another leg down. Good luck…
Crude up 1.52 this am get ready to rumble Gold all time highs