Everyone is super bullish out there. Everyone is calling for another leg up in the rising wedge and those are the bears. But I don't think we can get another jam up job with today's candle and today's decidedly negative breadth. If today had been a doji with mixed breadth, then I would be worried. Dow rallied up to basically 10666 on Monday per a prediction by someone on another board with a close at 10674.?? (which equated to 911). All the other indices had similarly special numerological closes. The oil stocks are so overextended that it's almost impossible for them to continue to rally and copper has virtually gone straight up for a few weeks without a drop. It seems to be a sign that the euro will soon top and it looks like it has had a blowoff the last two days. Euro MACD is topping and flattening on both 60 min and daily charts.
Good post Red, thanks for the update. Not sure if someone posted this yesterday, but here is another good bear article. Please disregard if duplicate. Andy Zacky 8/2 http://seekingalpha.com/article/217966-warning-…
Oil stocks held up the averages today. Chevron CVX and Exxon XOM seem to be the biggest gainers on the DOW. $XOI put in a doji on top of yesterday's big white candle. CVX seems really exhausted as its stock has gone vertical the last few days while XOM has to a lesser degree. Breadth was decidedly negative.
Dow Jones futures before opening bell
http://niftychartsandpatterns.blogspot.com/2010…
Red I am annoyed already no need to prepare LOL
Cobra has the latest update showing Rydex market timers are getting decidedly exuberant.
Everyone is super bullish out there. Everyone is calling for another leg up in the rising wedge and those are the bears. But I don't think we can get another jam up job with today's candle and today's decidedly negative breadth. If today had been a doji with mixed breadth, then I would be worried. Dow rallied up to basically 10666 on Monday per a prediction by someone on another board with a close at 10674.?? (which equated to 911). All the other indices had similarly special numerological closes. The oil stocks are so overextended that it's almost impossible for them to continue to rally and copper has virtually gone straight up for a few weeks without a drop. It seems to be a sign that the euro will soon top and it looks like it has had a blowoff the last two days. Euro MACD is topping and flattening on both 60 min and daily charts.
Ditto Red, lol! I am looking forward to the new dawn and perhaps we will get to see some amazing Northern lights in the skies tonight . Peace!
Thanks for the post… very interesting. It's probably not wise to bet against the Sun…
🙂
Good post Red, thanks for the update. Not sure if someone posted this yesterday, but here is another good bear article. Please disregard if duplicate.
Andy Zacky 8/2
http://seekingalpha.com/article/217966-warning-…
New post is up…
Oil stocks held up the averages today. Chevron CVX and Exxon XOM seem to be the biggest gainers on the DOW. $XOI put in a doji on top of yesterday's big white candle. CVX seems really exhausted as its stock has gone vertical the last few days while XOM has to a lesser degree. Breadth was decidedly negative.
QQQQ range next couple of days is a 60 cent to 1.20 price channel, neither direction favored.