That’s cool… it’s no big deal. Looks like the selling may start today, as the premarket is down already. Not much though, so it’s too early to tell. I’d like to see that 60 minute chart get into overbought territory first, and then the ideal short spot will show itself.
Sorry discus messing with my id. It’s more of the numerical value in the date in my opinion. But 6years 6months 6days from that date comes close to the Cardinal Climax period of -08-7-10 to 8-9-10 and at the end of the movie the main character checks his ex-girlfriend’s facebook page and it lists her birthday as August 8(8-8)and the number 988 is mentioned prominently by one of the characters (after 969) as they count the number of visitors to the new facebook site at Harvard. As I said, I’d need to see that move several times just to piece something together.
Currently with a reasonable short position, the line in the sand is the 1150 level. If the bulls take it, I don’ t see a correction but some kind of a melt-up and this is some kind of low probability outcome based on all the technical aspects. But if we break 1136, we should have a substantial pullback testing again 1040. The other possibility is sideways action for many weeks in the current range bound and this scenario also does not carry much weight.
Looking at the chart, I see a similar topping pattern on August 6 with current price.We just need another small rise to complete it and then the fall can start. So if the market goes up tomorrow around 1150 it could be the last day of this rally. If the market goes down tomorrow , it would also mean the correction has just started assuming 1150 would still hold on tuesday.Based on the duration of the August correction, we should expect a bottom around Oct 28 with a total pullback of approx 10%.This bottom could hold a few days and after that it could be disaster or a strong rally coinciding with the mid-term election.So,I believe this week Mr Market will speak loud.
Serge @ etfcorner has a nice 10min chart of SPY. Basically, showing a range between 114-115 with false breakouts going both ways.
http://www.etf-corner.com/markets/2010/10/spy-playing-the-breakouts-.html
Did you see cobra’s view:
http://cobrasmarketview.blogspot.com/2010/10/10012010-market-recap-is-11-up.html
any thoughts?
Yes, As of now it is looking weak.
From the looks of the futures right now, today is looking like a down one.
Futures chart before opening bell : CLICK HERE
That’s cool… it’s no big deal. Looks like the selling may start today, as the premarket is down already. Not much though, so it’s too early to tell. I’d like to see that 60 minute chart get into overbought territory first, and then the ideal short spot will show itself.
http://hotoptionbabe.com/blog/70-october-booooo-will-it-be-scary-for-the-bulls.html
Super le CAC40 DOWN !!
Go bear go !!
Sorry discus messing with my id. It’s more of the numerical value in the date in my opinion. But 6years 6months 6days from that date comes close to the Cardinal Climax period of -08-7-10 to 8-9-10 and at the end of the movie the main character checks his ex-girlfriend’s facebook page and it lists her birthday as August 8(8-8)and the number 988 is mentioned prominently by one of the characters (after 969) as they count the number of visitors to the new facebook site at Harvard. As I said, I’d need to see that move several times just to piece something together.
Agreed Mike…
Up or down Monday, it doesn’t matter. Once the move down starts, the fall should be continuous with only small bounces along the way.
Currently with a reasonable short position, the line in the sand is the 1150 level. If the bulls take it, I don’ t see a correction but some kind of a melt-up and this is some kind of low probability outcome based on all the technical aspects. But if we break 1136, we should have a substantial pullback testing again 1040. The other possibility is sideways action for many weeks in the current range bound and this scenario also does not carry much weight.
Looking at the chart, I see a similar topping pattern on August 6 with current price.We just need another small rise to complete it and then the fall can start. So if the market goes up tomorrow around 1150 it could be the last day of this rally. If the market goes down tomorrow , it would also mean the correction has just started assuming 1150 would still hold on tuesday.Based on the duration of the August correction, we should expect a bottom around Oct 28 with a total pullback of approx 10%.This bottom could hold a few days and after that it could be disaster or a strong rally coinciding with the mid-term election.So,I believe this week Mr Market will speak loud.