Are we going to have a doji day? That could be bullish or bearish? It’s looking choppy to me. Maybe another pause day, while they wait for Thursday’s claims numbers to come out.
A 10,900 level on the Dow would be about equal to the 525 OEX level that Atilla has been calling for since last month. Maybe we really will go there first… and then fall off a cliff. If so, then today should be another up day… not down.
And yeah… I was questioning my bullish call to the 111.17 spy FP level, 3 weeks ago when the market was at 1040. So maybe it will turn today after all?
Everything went as planned today. I don’t get all bearish like capitulation commentary. Breadth was nearly 2-1 negative despite the positive Dow close and small declines elsewhere. Check out today’s bar and compare it to the April 26 bar. My once money turn date cycle came into play today. The last time it worked was the summer solstice high which is 90degrees ago today. I found another esoteric cycle that was connected to Sept 20…ie to the July 8,2009 low which is 1 year 2months and 12 days ago or 1212 or the exact closing high for the stock market on April 23. On that day there was a fakeout break below the neckline of an apparent and widely discussed head and shoulders pattern. Yesterday and today there has been an apparent breakout of an inverse head and shoulders that the bulls are going gaga over.
I also have been seeing a lot of 711s in the stock market over the last few days and I remember what it represents. Also the SP has been bounicg around the 1136 level. In fact I saw a print of 1136.9 (an imbedded 911 with the Heat number) number yesterday. Anthony Allen has a screen shot from 11:18 am 111+6#3 yesterday with these numbers (plus Dow at 10711.1).
Cobra also has very interesting info on the $tick number and small range days or (negative days).
By the way, I really doubt there’s any chance of this rally going beyond EOQ. I don’t have institutional information available, but with the bank/brokerage trading volume being what it is, I believe a lot of traders will be pressured to show some profits by Sep 30.
Also, the best way to guarantee profits is what they’re doing right now…laddering the market up and creating well-defined sell points, and using the element of surprise to sucker-punch retail investors into a really, really painful world of hurt.
Red,
I just started reading your blog a week or so ago – the very fact that you are questioning your bearishness today makes me more bearish! Thanks for the insight!
Are we going to have a doji day? That could be bullish or bearish? It’s looking choppy to me. Maybe another pause day, while they wait for Thursday’s claims numbers to come out.
It’s looking bad for the bears today, isn’t it San?
He did that yesterday Z…
http://reddragonleo.com/wp-content/uploads/2009/12/bernanke-throwing-money-out-of-a-helicopter.png
Unfortunately he wasn’t flying over my state when he was dropping money. I think he was over Washington D.C. (go figure).
S&P 500 before opening bell
A 10,900 level on the Dow would be about equal to the 525 OEX level that Atilla has been calling for since last month. Maybe we really will go there first… and then fall off a cliff. If so, then today should be another up day… not down.
Thanks ACP…
And yeah… I was questioning my bullish call to the 111.17 spy FP level, 3 weeks ago when the market was at 1040. So maybe it will turn today after all?
Everything went as planned today. I don’t get all bearish like capitulation commentary. Breadth was nearly 2-1 negative despite the positive Dow close and small declines elsewhere. Check out today’s bar and compare it to the April 26 bar. My once money turn date cycle came into play today. The last time it worked was the summer solstice high which is 90degrees ago today. I found another esoteric cycle that was connected to Sept 20…ie to the July 8,2009 low which is 1 year 2months and 12 days ago or 1212 or the exact closing high for the stock market on April 23. On that day there was a fakeout break below the neckline of an apparent and widely discussed head and shoulders pattern. Yesterday and today there has been an apparent breakout of an inverse head and shoulders that the bulls are going gaga over.
I also have been seeing a lot of 711s in the stock market over the last few days and I remember what it represents. Also the SP has been bounicg around the 1136 level. In fact I saw a print of 1136.9 (an imbedded 911 with the Heat number) number yesterday. Anthony Allen has a screen shot from 11:18 am 111+6#3 yesterday with these numbers (plus Dow at 10711.1).
Cobra also has very interesting info on the $tick number and small range days or (negative days).
By the way, I really doubt there’s any chance of this rally going beyond EOQ. I don’t have institutional information available, but with the bank/brokerage trading volume being what it is, I believe a lot of traders will be pressured to show some profits by Sep 30.
Also, the best way to guarantee profits is what they’re doing right now…laddering the market up and creating well-defined sell points, and using the element of surprise to sucker-punch retail investors into a really, really painful world of hurt.
Red,
I just started reading your blog a week or so ago – the very fact that you are questioning your bearishness today makes me more bearish! Thanks for the insight!
This is exactly what the bears want.. /if the Dow hits 10900 on capitulation buying I will go all in short.. I’m 10% short as of Monday..