Difficult market to trade. I sold my DRN long in AH yesterday at 48.06, bought it back for 45.01 very near the low. Got stopped out at 46. Re-entered at 46.38 before the end of the session, expecting a wave 3 up to happen next and take out resistance.
The after hours session is telling me that I got the “gap” part right, but not the “up” part.
There is a possibility, however, that we are painting a rectangle continuation pattern. That would imply one more touch of 1105 /ES, and then we would break to the upside. I hope!
$vix did a gap fill along with all the stock indices. Even the euro did a gap fill. Momentum to the upside has burnt out. Breadth is still more than 2 to 1 negative. On Friday, breadth finished nearly flat.
Stealth QE…. the Fed was supposed to start selling off the QE assets. Instead, they'll be “reinvesting” the payments that the QE assets receive… into US Treasuries. Stealth QE. (and smaller, too)
Whoa! Look at the spike on the 5 min chart. 50 period has dropped below 200 and this is the first spike above 200 period. According to Maurice Walker, a great time for a short entry……Transports and $XOI looked good before the spike. $XOI with a new multiday low. Falling euro has more to do with the dropping market so I don't know how a Fed announcement can have a sustainable effect. No QE 2?
New post gang… sorry I'm late.
Difficult market to trade. I sold my DRN long in AH yesterday at 48.06, bought it back for 45.01 very near the low. Got stopped out at 46. Re-entered at 46.38 before the end of the session, expecting a wave 3 up to happen next and take out resistance.
The after hours session is telling me that I got the “gap” part right, but not the “up” part.
There is a possibility, however, that we are painting a rectangle continuation pattern. That would imply one more touch of 1105 /ES, and then we would break to the upside. I hope!
After hours SPY:
16:56 $ 112.45 600
16:55 $ 113.0254 2,001,300
16:54 $ 112.48 297
I feel like I just ran up Rendezvous Mountain.
They sure did fill the gaps. Maybe the fastest gap fill i have ever seen.
I was just looking at that too. Closing the gap was actually probably good for the bearish case as I don't believe there any open “gap downs”
$vix did a gap fill along with all the stock indices. Even the euro did a gap fill. Momentum to the upside has burnt out. Breadth is still more than 2 to 1 negative. On Friday, breadth finished nearly flat.
Boy, i thought we had a good shot at having the top in. Vix seems to want to move red and if it does bears really lose the initiative for the week
Stealth QE…. the Fed was supposed to start selling off the QE assets. Instead, they'll be “reinvesting” the payments that the QE assets receive… into US Treasuries. Stealth QE. (and smaller, too)
Whoa! Look at the spike on the 5 min chart. 50 period has dropped below 200 and this is the first spike above 200 period. According to Maurice Walker, a great time for a short entry……Transports and $XOI looked good before the spike. $XOI with a new multiday low. Falling euro has more to do with the dropping market so I don't know how a Fed announcement can have a sustainable effect. No QE 2?