Gang, if we hit the FP target (129.53 spy) early this morning, then there is a possibility of a late day sell off. Also note that it is common to fall short or go over just a few cent on the FP level.
So, I’d start scaling in short when we get close, and add more if we pierce through it a little. Of course if the print isn’t hit until the close, then we won’t know what’s next until Monday.
Could we gap down on Monday and tank the whole week? Very possible, but the lack of big volume tells me that the institutions aren’t dumping yet. So, we could chop around with wild swings up and down over the coming weeks, and then about the time the Legatus Pilgrimage happens… start the real sell off!
lol – remind me to listen to you more. you were correct! i took a short at the end of yesterday expecting more selling, but i will now have to wait it out. the short term FP will be hit first as you stated.
ok we are close to that FP being hit….. spy @ 129.14
Gold Chart
http://niftychartsandpatterns.blogspot.com/2011/01/trend-line-of-gold.html
Never mind the question. I read your note wrong. HA!
A big turn date is the weekend of jan 29th, so I think it’s best to get short around that time
EUR/USD pump complete, and selling off. Equities aren’t selling off, so gotta watch EUR/USD close today.
Red, I can’t see the target being hit in pre-market. Was it another FP?
Good catch there on those FP’s GSspy. Thanks for sharing.
Gang, if we hit the FP target (129.53 spy) early this morning, then there is a possibility of a late day sell off. Also note that it is common to fall short or go over just a few cent on the FP level.
So, I’d start scaling in short when we get close, and add more if we pierce through it a little. Of course if the print isn’t hit until the close, then we won’t know what’s next until Monday.
Could we gap down on Monday and tank the whole week? Very possible, but the lack of big volume tells me that the institutions aren’t dumping yet. So, we could chop around with wild swings up and down over the coming weeks, and then about the time the Legatus Pilgrimage happens… start the real sell off!
I’m learning…
🙂
RED,
lol – remind me to listen to you more. you were correct! i took a short at the end of yesterday expecting more selling, but i will now have to wait it out. the short term FP will be hit first as you stated.
Gap up is more like it! Looks like we are off to 129.53 spy (about 1294-1295 spx).