i agree – but on jan 26th at 3 pm to opening of 27th, we went from 1281 to 1299 in one vertical…that looked to me like a sweep…. but i guess 1300 is resistance (cough) so i guess you are correct….
the problem with the pop up to clear out overhead stops is that it is way tooo obvious…. if after 22 months of almost exclusive bullish moves, (bar a few convenient and scripted collapses) a consolidating day like today before GDP release – would mean one thing (cover shorts)…. i think bullish sentiment has bulls “ALL IN” at this point – expecting the market under the supervision of the bernake put, to gap up over resistence and go well over 1300 tommorrow…. my gut is telling me – set up!! an expected bullish move that turns bearish……. again its just way to pavlovian obvious!!
There has too be a stop sweep at some point… but I couldn’t tell you if it’s in the morning or at the EOD? From the looks of the charts, I’d say we go down in the morning and up into the close.
Well, all this sideways garbage is just giving the bears more time to get short. That’s not good, as you know they don’t want them on the train when it heads south. That means they will likely pop this higher again, to do a stop sweep and clear out the bears.
This will probably happen tomorrow or Monday based on the time needed to reset all the short term charts in bullish alignment again. The 60 is heading down and getting ready to cross below zero right now.
If it does that the last hour of today, and the first few hours of tomorrow, then they could push this on up by the close of Friday… allowing for “nothing” to happen over the weekend, or “something” to happen?
Either way, I’ll stay short into the weekend, as if “something” happens there won’t be any escape for the Bulls on Monday morning, and the bears will miss the train.
I have no idea if it’s going to happen this coming Monday or not? They could chop sideways for another week, as the Legatus Pilgrimage is Feb 3rd-5th, so maybe it happens after that?
Hard too say, but I’ll stay short until it happens. I’d like to see about 1313 spx by this Friday, as that would leave the door open for it happening this coming Monday, the 31st.
If we sell off tomorrow some, then I doubt that it will happen this Monday. They have allowed too many bears on the the train right I believe, and they need to pop it higher first to clear them out.
Maybe well close out Friday at 1312.12… boiling point (212). Or maybe that will be the high of the day, and the close will be 129.11 (or 129.99) on the spy? I’ll be looking for ritual numbers at the close, high, and low price on the spx, spy, dow, dia, etc…
Keep you eye’s open for large FP’s folks… on all charts, as we will likely be given the level before it happens. The day before the flash crash Alphahorn caught this print and sent it too me (a few days later unfortunately)…
That showed up around midnight EST, but many of you are in different time zones and might see another print like that when you are up and watching. Keep your eye’s on the DOW too, as very few people watch it… which means it’s a great place to throw out FP’s.
i agree – but on jan 26th at 3 pm to opening of 27th, we went from 1281 to 1299 in one vertical…that looked to me like a sweep…. but i guess 1300 is resistance (cough) so i guess you are correct….
red,
the problem with the pop up to clear out overhead stops is that it is way tooo obvious…. if after 22 months of almost exclusive bullish moves, (bar a few convenient and scripted collapses) a consolidating day like today before GDP release – would mean one thing (cover shorts)…. i think bullish sentiment has bulls “ALL IN” at this point – expecting the market under the supervision of the bernake put, to gap up over resistence and go well over 1300 tommorrow…. my gut is telling me – set up!! an expected bullish move that turns bearish……. again its just way to pavlovian obvious!!
There has too be a stop sweep at some point… but I couldn’t tell you if it’s in the morning or at the EOD? From the looks of the charts, I’d say we go down in the morning and up into the close.
Wow, $6-7 million a second pumping the euro to keep the market up. Impressive.
hey everybody,
so whats the consensus??? gap up on GDP numbers tommorrow? gap down on GDP numbers? or more of the same???
Well, all this sideways garbage is just giving the bears more time to get short. That’s not good, as you know they don’t want them on the train when it heads south. That means they will likely pop this higher again, to do a stop sweep and clear out the bears.
This will probably happen tomorrow or Monday based on the time needed to reset all the short term charts in bullish alignment again. The 60 is heading down and getting ready to cross below zero right now.
If it does that the last hour of today, and the first few hours of tomorrow, then they could push this on up by the close of Friday… allowing for “nothing” to happen over the weekend, or “something” to happen?
Either way, I’ll stay short into the weekend, as if “something” happens there won’t be any escape for the Bulls on Monday morning, and the bears will miss the train.
I have no idea if it’s going to happen this coming Monday or not? They could chop sideways for another week, as the Legatus Pilgrimage is Feb 3rd-5th, so maybe it happens after that?
Hard too say, but I’ll stay short until it happens. I’d like to see about 1313 spx by this Friday, as that would leave the door open for it happening this coming Monday, the 31st.
If we sell off tomorrow some, then I doubt that it will happen this Monday. They have allowed too many bears on the the train right I believe, and they need to pop it higher first to clear them out.
Maybe well close out Friday at 1312.12… boiling point (212). Or maybe that will be the high of the day, and the close will be 129.11 (or 129.99) on the spy? I’ll be looking for ritual numbers at the close, high, and low price on the spx, spy, dow, dia, etc…
Keep you eye’s open for large FP’s folks… on all charts, as we will likely be given the level before it happens. The day before the flash crash Alphahorn caught this print and sent it too me (a few days later unfortunately)…
http://reddragonleo.com/wp-content/uploads/2010/05/alphahorn-chart-premarket-1056-spx-before-05-06-2010-low.png
That showed up around midnight EST, but many of you are in different time zones and might see another print like that when you are up and watching. Keep your eye’s on the DOW too, as very few people watch it… which means it’s a great place to throw out FP’s.
Nice.
JP Morgan must be burning thru $1 billion an hour pumping the Euro. I wonder how long they intend to do this.
Yes i bought one. DONT
Weird action on SPY 130 Puts.
BID .40 ASK .41
LAST 3 trades 0.69 0.68 0.71
i dropped by the morgue today to identify the remains of ‘market volatility’……… so sad!! sob,