I'm expecting a big rally to start, as I have a fake print of 1070.50 spx… which will be hit. But when? Plus that afterhours print above of 106.20 spy, which tells me we are going to rally soon.
The charts are both bullish and bearish, but turning more bullish everyday. I think most people are turning bullish now, and I don't think there are too many bears left short. Most are in cash, expecting a rally.
Atilla is all bullish now, but his time frame is much longer then mine, so I can't use anything he states in my trading. Anna seems mostly bullish too, but her time frame is shorter then mine.
So, I'm expecting a rally, but really I'm just guessing as the charts are still mixed.
Looks like every time it fell into that circle you posted… it rallied. That means we should be rallying soon, which everyone is expecting to happen. The question is… when?
So far, it looks like the 1010 bottom is going to hold for the short term, allowing a rally up to 1070 or so. It just isn't acting very bullish… selling off into the close like it did today.
Where is the 300 point up day? I keep looking for it, but so far… nothing? Maybe tomorrow we start the rally everyone is looking for. We are certainly oversold and due one, that's for sure.
Go to http://www.knx1070.com Click money and it was during the business hour today that Hulbert was interview around 1:40pm. I can't find the interveiw. It looks like one would have to subscribe to the podcast to get today's session. But they archive all the older podcasts. It's called the business hour with Frank Mottek (sp)…..Hulbert also writes a column at cbsmarketwatch.com. You can probably find the same information over there.
I'm confused on today's action too Geccko. We are very oversold, and should rally up anytime now. But the candle we put in today looks quite bearish still.
The bulls can say that we are consolidating before a move higher… and they may be right? The bears seem to be out of the market now, and into cash or long.
Certainly, a big move is coming, and it appears like it should be up… but will it? I just don't know what to think at the moment.
By the way, do you have a link to hear Mark Hulbert's radio interview?
Russell 2000 made a new closing low and practically finished near the low of the day. I wouldn't consider that bullish. Breadth also finished slightly negative. But today was the day I was looking for. A penetration of a key support level followed by a one day bounce. 1987,1929,1930 all had similar days although '87 finished on the high of the day. Just hear Mark Hulbert interviewed on the radio and he said according to TrimTabs data all the historically wrong way traders are piling into the long leveraged ETFS even with the market dropping hard last week. I am not so sure Atilla can be claiming to be following the smart money. Any I checked the last two COT reports and if anything the retail traders are net long according to the two mini contracts which is where they would be concentrated and commercials seem to be net short.
I'm expecting a big rally to start, as I have a fake print of 1070.50 spx… which will be hit. But when? Plus that afterhours print above of 106.20 spy, which tells me we are going to rally soon.
The charts are both bullish and bearish, but turning more bullish everyday. I think most people are turning bullish now, and I don't think there are too many bears left short. Most are in cash, expecting a rally.
Atilla is all bullish now, but his time frame is much longer then mine, so I can't use anything he states in my trading. Anna seems mostly bullish too, but her time frame is shorter then mine.
So, I'm expecting a rally, but really I'm just guessing as the charts are still mixed.
I particularly like TK's quote.
Maybe the trick they are pulling is making it look weak then gapping it up like the they did this morning.
Looks like every time it fell into that circle you posted… it rallied. That means we should be rallying soon, which everyone is expecting to happen. The question is… when?
So far, it looks like the 1010 bottom is going to hold for the short term, allowing a rally up to 1070 or so. It just isn't acting very bullish… selling off into the close like it did today.
Where is the 300 point up day? I keep looking for it, but so far… nothing? Maybe tomorrow we start the rally everyone is looking for. We are certainly oversold and due one, that's for sure.
The ellipse speaketh! Unclearly
http://oahutrading.blogspot.com/
Haha!!!! Hulbert does have column over at CBSmarket watch.
Go to http://www.knx1070.com Click money and it was during the business hour today that Hulbert was interview around 1:40pm. I can't find the interveiw. It looks like one would have to subscribe to the podcast to get today's session. But they archive all the older podcasts. It's called the business hour with Frank Mottek (sp)…..Hulbert also writes a column at cbsmarketwatch.com. You can probably find the same information over there.
I'm confused on today's action too Geccko. We are very oversold, and should rally up anytime now. But the candle we put in today looks quite bearish still.
The bulls can say that we are consolidating before a move higher… and they may be right? The bears seem to be out of the market now, and into cash or long.
Certainly, a big move is coming, and it appears like it should be up… but will it? I just don't know what to think at the moment.
By the way, do you have a link to hear Mark Hulbert's radio interview?
Russell 2000 made a new closing low and practically finished near the low of the day. I wouldn't consider that bullish. Breadth also finished slightly negative. But today was the day I was looking for. A penetration of a key support level followed by a one day bounce. 1987,1929,1930 all had similar days although '87 finished on the high of the day.
Just hear Mark Hulbert interviewed on the radio and he said according to TrimTabs data all the historically wrong way traders are piling into the long leveraged ETFS even with the market dropping hard last week. I am not so sure Atilla can be claiming to be following the smart money. Any I checked the last two COT reports and if anything the retail traders are net long according to the two mini contracts which is where they would be concentrated and commercials seem to be net short.
Yeah… that sure makes it easy to forecast tomorrow! My forecast is… “I don't know”. After all, that is called an “indecision” candle. LOL.
Everything tells me we are about to start a big rally up, but I expected that 1040 level on Friday, not today. So what's next? Beats me?