Hey, Red and gang, trying to get some work done so not chatting, but just wanted to wish good luck to all!
I'm looking for a lower low either today or tomorrow, targeting 1007-1020. After that, a trip to the 12 or 20 dma which should fail and put us in serious bear mode. I think NYMO has to come down and flag a low (as well as put-call ratios) before it will go up.
For fellow RUT and TZA fans, I think next drop will pay off very well because RUT was hung up on its 200dma and fell off yesterday, will catch up with SPX 6 month trend very quickly.
Just remember, odds are the bears favor that we close lower again today. Down trends rarely break on the 7th day.
Positive divergence in S&P 500 could lead to a minor pull back
http://niftychartsandpatterns.blogspot.com/2010…
There may be more of that. Staying put. I just love how they manipulate the VIX to kill options players.
I think that was a head fake to squeeze out the bears.
They are desperately trying to make the futures bounce carry w/ tech attempting a lead.
buy the bounce.
That's fine Rip… get your work done. We'll be here. The market doesn't go away, and I don't plan on going anywhere either. Good luck to you too.
Thank you. YGM!
I know i resemble the post target.
Hey, Red and gang, trying to get some work done so not chatting, but just wanted to wish good luck to all!
I'm looking for a lower low either today or tomorrow, targeting 1007-1020. After that, a trip to the 12 or 20 dma which should fail and put us in serious bear mode. I think NYMO has to come down and flag a low (as well as put-call ratios) before it will go up.
For fellow RUT and TZA fans, I think next drop will pay off very well because RUT was hung up on its 200dma and fell off yesterday, will catch up with SPX 6 month trend very quickly.
It took it as a general reminder that may apply to many.LOL