There is still that gap around 1153-54 that Mr. TopStep talks about. It’s from May 13th I believe. I doubt they will sell off without closing it. They are too close to “Not Close It”. It’s rare that they get so close, and leave it open. I still think it will push up and fill that gap tomorrow morning at the end of the day today.
Red,
Your assessment is quite right. My question now is how can the market punish the maximum participants at this level? I keep looking at the dollar making this double bottom on 15 min. chart and wouldn’t surprise me for a bounce maybe coinciding with european markets open tomorrow right before US market starts trading. The other thing that bugs me is this POMO effect. Whenever all participants know about it and I think that is the case here, it is usually fully anticipated and therefore we won’t get any spike over 1150 tomorrow. Otherwise we should have already got it by now.
I’m routing for the Tea Party (link on my blogroll, under “Social Networks” close to the bottom right of this page), and hope they do get elected.
If so, then the market will crash right after the election is over and surprise most traders that will be expecting a Democrat or Republican majority.
Who knows? Maybe the Tea Party can gain enough seats to take over? Wouldn’t that be great? I think so, as the crash resulting from them gaining control would be a healthy thing for the economy.
Flush out all the crooked banksters, and let the “Too Big To Fail”… FAIL! Who needs Goldman Sachs anyway? Have you ever been to a Goldman Sachs teller machine? I haven’t… How about the drive thru teller? Nope, not me. In fact, I’ve never even seen a Goldman Sachs bank. So why the hell are they called a bank, and why are they “Too Big To Fail”? Let them Fail, I say… along with JP Morgan, Citi, and too many other crooks to mention.
Ideally, I’d like to see the push up into the close as that would be a good indicator that the high would be put in today, as opposed to tomorrow.
No way to know for sure, but I just feel like they are going to do a quick head fake tomorrow morning and gap over the 1150 level, and then sell off.
However, that’s not a sure thing. So a wise move would be to start scaling into some shorts today, for tomorrow could just open down and continue down all day.
It’s better to have some positions short, then to miss the opportunity I believe. If it does go up quickly in the morning, then you’ll have an even better spot to get short at.
Listening to Mr. TopSteps’ video, I believe he thinks the money is just about run out now. All that’s left is what money the Fed will put into to market in the morning. Still, it could drop first, and rally back to a lower high, and then roll over into the afternoon.
Tough call, but again… scaling in short today is a wise move (IMHO of course)
Hanging man candle on most indexes yesterday; highly reliable bearish reversal. Time to scale in short position now, never know we may gap down tomorrow morning ,trap all the bulls and make it difficult for bears to short at a low-risk setup.
His “major” turn date (I expect a minor one tomorrow) is November 16th… the day after the elections. Hmmm? Could that be the “major” crash date?
After tomorrow puts in a high, and the sell off afterward starts, the dollar should rally back up… maybe to the top trendline in his falling channel. This will give us a nice sell off in the market… maybe not a crash, but at least a nice correction.
SPY Hour chart looks weak
There is still that gap around 1153-54 that Mr. TopStep talks about. It’s from May 13th I believe. I doubt they will sell off without closing it. They are too close to “Not Close It”. It’s rare that they get so close, and leave it open. I still think it will push up and fill that gap tomorrow morning at the end of the day today.
Red,
Your assessment is quite right. My question now is how can the market punish the maximum participants at this level? I keep looking at the dollar making this double bottom on 15 min. chart and wouldn’t surprise me for a bounce maybe coinciding with european markets open tomorrow right before US market starts trading. The other thing that bugs me is this POMO effect. Whenever all participants know about it and I think that is the case here, it is usually fully anticipated and therefore we won’t get any spike over 1150 tomorrow. Otherwise we should have already got it by now.
Here’s a great article about what’s likely to bring down the stock market…
http://www.inthemoneystocks.com/n_rant_and_rave_blog_single.php?id=9874
I’m routing for the Tea Party (link on my blogroll, under “Social Networks” close to the bottom right of this page), and hope they do get elected.
If so, then the market will crash right after the election is over and surprise most traders that will be expecting a Democrat or Republican majority.
Who knows? Maybe the Tea Party can gain enough seats to take over? Wouldn’t that be great? I think so, as the crash resulting from them gaining control would be a healthy thing for the economy.
Flush out all the crooked banksters, and let the “Too Big To Fail”… FAIL! Who needs Goldman Sachs anyway? Have you ever been to a Goldman Sachs teller machine? I haven’t… How about the drive thru teller? Nope, not me. In fact, I’ve never even seen a Goldman Sachs bank. So why the hell are they called a bank, and why are they “Too Big To Fail”? Let them Fail, I say… along with JP Morgan, Citi, and too many other crooks to mention.
Ok, enough with the rant…
Very true Mike…
Ideally, I’d like to see the push up into the close as that would be a good indicator that the high would be put in today, as opposed to tomorrow.
No way to know for sure, but I just feel like they are going to do a quick head fake tomorrow morning and gap over the 1150 level, and then sell off.
However, that’s not a sure thing. So a wise move would be to start scaling into some shorts today, for tomorrow could just open down and continue down all day.
It’s better to have some positions short, then to miss the opportunity I believe. If it does go up quickly in the morning, then you’ll have an even better spot to get short at.
Listening to Mr. TopSteps’ video, I believe he thinks the money is just about run out now. All that’s left is what money the Fed will put into to market in the morning. Still, it could drop first, and rally back to a lower high, and then roll over into the afternoon.
Tough call, but again… scaling in short today is a wise move (IMHO of course)
Mr. TopStep…
http://www.youtube.com/watch?v=b9ONaeiC_yg&feature=player_embedded
Hanging man candle on most indexes yesterday; highly reliable bearish reversal. Time to scale in short position now, never know we may gap down tomorrow morning ,trap all the bulls and make it difficult for bears to short at a low-risk setup.
Thanks Red
Tomorrow is the key day here San. I expect a breakout, but I believe it will be completely reverse by the end of day.
His “major” turn date (I expect a minor one tomorrow) is November 16th… the day after the elections. Hmmm? Could that be the “major” crash date?
After tomorrow puts in a high, and the sell off afterward starts, the dollar should rally back up… maybe to the top trendline in his falling channel. This will give us a nice sell off in the market… maybe not a crash, but at least a nice correction.