I know what you mean, I've actually took time off from 2006-2007 and it gave me a fresh new perspective. It's amazing what you'll see once you step away from the daily tape.
As I have said, we will ramp to fill the gap then headfake to x. Where x is at, thats anyones guess. We may take er up to the previous peak.
CNBC is bearish hence the rally. This run was actually predictable which is usually not the case. I mean we have had so many low volume run ups. I have removed volume from my intra-day indicators. I find them somewhat useful on the dailies.
I knew we would rally when the MA's crossed as CNBC hyped the cross and as many have pointed out history dictates otherwise.
Lots of fear in the bear camp this weekend. IMO, we're between 50-61.8% on the fibs in SPX and DJI for this bounce. On the traditional “leaders” like NASDAQ and Russell, they're both around 50% or below. Transports likewise around 50% retrace.
So far, this looks like normal retrace action except for financials which seems like they've taken a life of their own for whatever reason.
I'd say the pullback should be Monday after a ramp up in the morning to squeeze out those that went short today. How deep is a question I can't answer.
I think we will hit the 112.41 FP that I got a week back or so.
You could be right, who knows. BUT at some point before OpEx, they're gonna have to harvest some of the calls bought – I believe there have been MANY bought by the retail crowd all through the decline these few weeks as I believe this last ramp job has been anticipated by many.
There will be a pullback next week, the question is how deep. Enjoy the winnings bulls, and relax bears. Fight again next week – have a good weekend all.
Like you said, this rally was predictable… Too predictable.
I know what you mean, I've actually took time off from 2006-2007 and it gave me a fresh new perspective. It's amazing what you'll see once you step away from the daily tape.
What gap are you referring too? We filled the one today around 1075, is there another one I'm missing?
As I have said, we will ramp to fill the gap then headfake to x. Where x is at, thats anyones guess. We may take er up to the previous peak.
CNBC is bearish hence the rally. This run was actually predictable which is usually not the case. I mean we have had so many low volume run ups. I have removed volume from my intra-day indicators. I find them somewhat useful on the dailies.
I knew we would rally when the MA's crossed as CNBC hyped the cross and as many have pointed out history dictates otherwise.
Lots of fear in the bear camp this weekend. IMO, we're between 50-61.8% on the fibs in SPX and DJI for this bounce. On the traditional “leaders” like NASDAQ and Russell, they're both around 50% or below. Transports likewise around 50% retrace.
So far, this looks like normal retrace action except for financials which seems like they've taken a life of their own for whatever reason.
Dip on Monday, and maybe Tuesday, then a ramp up to opx to hit the FP… which would destroy every last bear.
That would be over a 4% gain to hit that FP. That's enormous!
I'd say the pullback should be Monday after a ramp up in the morning to squeeze out those that went short today. How deep is a question I can't answer.
I think we will hit the 112.41 FP that I got a week back or so.
http://reddragonleo.com/wp-content/uploads/2010…
You could be right, who knows. BUT at some point before OpEx, they're gonna have to harvest some of the calls bought – I believe there have been MANY bought by the retail crowd all through the decline these few weeks as I believe this last ramp job has been anticipated by many.
There will be a pullback next week, the question is how deep. Enjoy the winnings bulls, and relax bears. Fight again next week – have a good weekend all.
I am a bit nervous holding over weekend but I think they rally through Google next week