that FP is awesome to know, because i think they will take it up to that level – which is much higher than most bears would expect on a ‘counter trend’ bounce. many bear might think it would be business as usual and it is on the way to melt up higher, and participating bulls will be on board…. then an event monday/tuesday that sends spy selling to that 200 million level.
Smart move Richie…. now we wait. Tomorrow is opx and they will likely pin the spy wherever it benefits them the most. Since the selling pressure seems too be dying right now you can expect an upward movement into the close.
I don’t know if it will close flat or slightly down, but either way we are still likely to go up to that new FP before another big leg down. I suspect it will happen tomorrow, but they could push it off until Monday… hard to say?
From past experience, these intraday prints play out in 1-2 days, and sometimes by the close of the day they were shown. Friday will be day 2, and that’s when I expect it to be hit. It will fool the most bears I believe, as most will not be expecting a rally up that high on Friday to happen. We’ll see…
i am out of my short..and with it a small profit – (beer is on me), and it is looking to bounce right at 1274 as i wrote earlier (there is a net sell line at 1274.25 so it will bounce off this line as support… i think it will pop from here into friday….
Silver Chart
http://niftychartsandpatterns.blogspot.com/2011/01/silver-looks-weak.html
red,
that FP is awesome to know, because i think they will take it up to that level – which is much higher than most bears would expect on a ‘counter trend’ bounce. many bear might think it would be business as usual and it is on the way to melt up higher, and participating bulls will be on board…. then an event monday/tuesday that sends spy selling to that 200 million level.
EURUSD Chart
http://niftychartsandpatterns.blogspot.com/2011/01/eurusd-resistance-level.html
Smart move Richie…. now we wait. Tomorrow is opx and they will likely pin the spy wherever it benefits them the most. Since the selling pressure seems too be dying right now you can expect an upward movement into the close.
I don’t know if it will close flat or slightly down, but either way we are still likely to go up to that new FP before another big leg down. I suspect it will happen tomorrow, but they could push it off until Monday… hard to say?
From past experience, these intraday prints play out in 1-2 days, and sometimes by the close of the day they were shown. Friday will be day 2, and that’s when I expect it to be hit. It will fool the most bears I believe, as most will not be expecting a rally up that high on Friday to happen. We’ll see…
Where do you get estimate on future earning?
ok red,
i am out of my short..and with it a small profit – (beer is on me), and it is looking to bounce right at 1274 as i wrote earlier (there is a net sell line at 1274.25 so it will bounce off this line as support… i think it will pop from here into friday….
I got the print yesterday Dee, but it’s not higher then the current high. I expect it to be hit today or tomorrow, and then more selling next week….
http://reddragonleo.com/wp-content/uploads/spy-fp-129-53-on-01-19-2011.jpg
Sorry Johnny, I posted the wrong FP. Here’s the 106 spy…
http://reddragonleo.com/wp-content/uploads/2010/10/spy-fp-106-46-on-10-18-2010.jpg
Interesting how some simple methods can be fairly accurate. The only trick is the timing, and patience…
red,
http://www.forexpros.com/indices/indices-futures free real time indices futures for the world….. just in case anyone is interested.