Europe is still in trouble. The last 350 points on the Dow has apparently made everyone forget that fact. These last 2 days were better than the first two days of the BS rally back in August. Can’t see this continuing to new highs, except is funds chase in desperation until EOY. Can’t really see a huge pullback either, without an “unforseen” (at least to us) catalyst.
Seems like a “last hurrah” to me, and still see the beginning of 2011 look like the beginning of 2008.
LOL… I wish I could get an accurate read on it. The link I have listed here on this blog under the “Helpful Information” section goes to the nyfed dot org site, which I’m sure is an “official” site… but ZeroHedge somehow came up with what I suspect is more accurate numbers.
Clearly the numbers that they have listed (which show $15 Billion today and yesterday) are what’s driving this insane rally. The numbers on the nyfed site only have today and yesterday listed with $7-9 Billion each day.
I don’t know where ZH got their info from, but I’d sure like to know that answer to. Here is ZH’s link again…
We’ve hit a high of 749.20 on the Russell 2000 ($RUT), which should match up with the FP of 749 on the futures of the Russell (TF). So, that FP should now be considered “filled”.
When hitting any FP, up or down, it doesn’t always mean that it will reverse at that level. It simply means that they plan to take it there. I’ve noticed that when they take it there quickly, (like they just have), that it usually is just a “stopping point” before deciding to continue in the same direction or reverse.
I don’t have a clear read on percentage on how many times it reverses versus continues in the same direction. But, since we are now very overbought on the short term charts, I’d expect a pull back from this area at least.
Whether or not it’s going to be a reversal, or just a correction with another leg back up to follow is still unknown? Remember, we still have that DIA FP of 118.16 left to go. So maybe we just dip down a little for a few days and then push higher again. I just don’t have a good read on it right now.
Europe is still in trouble. The last 350 points on the Dow has apparently made everyone forget that fact. These last 2 days were better than the first two days of the BS rally back in August. Can’t see this continuing to new highs, except is funds chase in desperation until EOY. Can’t really see a huge pullback either, without an “unforseen” (at least to us) catalyst.
Seems like a “last hurrah” to me, and still see the beginning of 2011 look like the beginning of 2008.
Rangebound for now, I suppose?
Today is Money Making!
http://www.youtube.com/watch?v=ABqRERtIA8I
QQQQ Chart
http://niftychartsandpatterns.blogspot.com/2010/12/powershares-qqq-trust-near-resistance.html
Interesting.
LOL… I wish I could get an accurate read on it. The link I have listed here on this blog under the “Helpful Information” section goes to the nyfed dot org site, which I’m sure is an “official” site… but ZeroHedge somehow came up with what I suspect is more accurate numbers.
Clearly the numbers that they have listed (which show $15 Billion today and yesterday) are what’s driving this insane rally. The numbers on the nyfed site only have today and yesterday listed with $7-9 Billion each day.
I don’t know where ZH got their info from, but I’d sure like to know that answer to. Here is ZH’s link again…
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/gono/POMO%20Estimate.jpg
Red can you give me one good pomo calendar website?
Thanks
http://www.zerohedge.com/article/senator-bernie-sanders-america-now-banana-republic
We’ve hit a high of 749.20 on the Russell 2000 ($RUT), which should match up with the FP of 749 on the futures of the Russell (TF). So, that FP should now be considered “filled”.
When hitting any FP, up or down, it doesn’t always mean that it will reverse at that level. It simply means that they plan to take it there. I’ve noticed that when they take it there quickly, (like they just have), that it usually is just a “stopping point” before deciding to continue in the same direction or reverse.
I don’t have a clear read on percentage on how many times it reverses versus continues in the same direction. But, since we are now very overbought on the short term charts, I’d expect a pull back from this area at least.
Whether or not it’s going to be a reversal, or just a correction with another leg back up to follow is still unknown? Remember, we still have that DIA FP of 118.16 left to go. So maybe we just dip down a little for a few days and then push higher again. I just don’t have a good read on it right now.
SPY Chart
http://niftychartsandpatterns.blogspot.com/2010/12/spy-breakout.html
http://www.zerohedge.com/article/goldman-reveals-first-5-its-top-trades-2011