So far so good gang, as the futures are down nicely this morning. Of course they could run them up in the hour, or run them up all day. But, I think we are going to gap down, and continue down all day today.
The daily chart is definitely going to roll over on this gap down, and the 60 minute chart with also roll over. Depending on how deep the 60 burys the histogram bars, we could have 2 straight down days before it gets very oversold and and rolls back up.
Great for the bears of course. But, Thursday and Friday will likely be bullish, especially if today and tomorrow really tank. The jobs report will be factored into todays' sell off (should today continue down, and not bounce at the open?).
The 1040 area that has been hit so many times now, should break this time. But, no guarantees of course. If 1040 breaks today, then I'm looking for that 100.72 spy fake print on Wednesday.
Of course if we open and bounce, then we could but in another doji candle today. I don't think it will happen, but it's possibly… especially with light volume. So let's monitor the volume today to see if it increases. If so, then we'll probably trend lower all day.
Hi Red, Between XOM and CVX, CVX is the more likely to make more money, going long. I think I have to make up my mind pretty soon. I don't know how long CVX will be at these low prices.
BIDU, usually is never safe to short sell….It is now…look for a retest of May lows 63-65 going forward. imo…It's controversial because there are so many BIDU bulls out there……Keep this in mind, I know how to kill bulls with my teeth.
You know, I just watched the chart pattern traders video's and his becoming very bearish now, and talking about closing up his long positions tomorrow. I'm glad he's bearish again, as he's been on a roll here lately and quite accurate.
I think we are going to have at least a 200-300 point down day… either tomorrow or Wednesday, as that daily chart looks really bearish now. The more day's it trades sideways, the more likely it will play out as a bear flag.
So, I'm looking for tomorrow or Wednesday to drop hard… unless some really good news comes out to rally the market of course. Even still, it's not likely to last with the jobs report forecasted to be bad again this Friday.
REad my post REd
http://hotoptionbabe.com/blog/29-a-fun-day-for-…
I have 2 caspers on twitter
So far so good gang, as the futures are down nicely this morning. Of course they could run them up in the hour, or run them up all day. But, I think we are going to gap down, and continue down all day today.
The daily chart is definitely going to roll over on this gap down, and the 60 minute chart with also roll over. Depending on how deep the 60 burys the histogram bars, we could have 2 straight down days before it gets very oversold and and rolls back up.
Great for the bears of course. But, Thursday and Friday will likely be bullish, especially if today and tomorrow really tank. The jobs report will be factored into todays' sell off (should today continue down, and not bounce at the open?).
The 1040 area that has been hit so many times now, should break this time. But, no guarantees of course. If 1040 breaks today, then I'm looking for that 100.72 spy fake print on Wednesday.
Of course if we open and bounce, then we could but in another doji candle today. I don't think it will happen, but it's possibly… especially with light volume. So let's monitor the volume today to see if it increases. If so, then we'll probably trend lower all day.
Good luck to us all…
Thanks for the link… sounds good to me. Let's do it.
U.S. Markets view before opening bell
http://niftychartsandpatterns.blogspot.com/2010…
Good Morning Guys!
Had to share this. Its from a poster by the name morenmore on clear$tation. I hope he does not mind.
http://clearstation.etrade.com:80/cgi-bin/bbs?p…
This should make some bears happy if it pans out.
MSFt Chart…
http://zstock7.com/wp-content/uploads/2010/06/m…
Hi Red,
Between XOM and CVX, CVX is the more likely to make more money, going long. I think I have to make up my mind pretty soon. I don't know how long CVX will be at these low prices.
BIDU, usually is never safe to short sell….It is now…look for a retest of May lows 63-65 going forward. imo…It's controversial because there are so many BIDU bulls out there……Keep this in mind, I know how to kill bulls with my teeth.
Yeah, I didn't miss a thing did I? LOL
You know, I just watched the chart pattern traders video's and his becoming very bearish now, and talking about closing up his long positions tomorrow. I'm glad he's bearish again, as he's been on a roll here lately and quite accurate.
I think we are going to have at least a 200-300 point down day… either tomorrow or Wednesday, as that daily chart looks really bearish now. The more day's it trades sideways, the more likely it will play out as a bear flag.
So, I'm looking for tomorrow or Wednesday to drop hard… unless some really good news comes out to rally the market of course. Even still, it's not likely to last with the jobs report forecasted to be bad again this Friday.
We'll see tomorrow I guess…