Nenner must not play short term instruments, like options or 3x eft's, as I still believe it's worth taking a short position for a move down to 1080 area. Of course you would need a bounce today to get in short, but most people are already short from Monday.
Their industry, curbing of government spending, and more solid currency is undermining the EU's plan to screw everyone simultaneously. Just goes to show how frigging deranged these Fabian socialists are. I am personally betting that Germany and Russia will be among the first to go to gold.
Don't be fooled, however; all parties are in on the scam, I'm sure. Still, I wish we'd follow Germany and Russia in fiscal/monetary management.
S&P/Nasdaq “And again the market came down” In Feb 2009, when we got ready to go long, we did not mind being a bit early, since we were convinced of much higher prices to follow Now, however, we feel that it will be difficult to see a test of the highs We expect to see a more important high by mid Aug Therefore, we do not want to take a lot of risk Nevertheless, here is the situation: Weekly cycles have bottomed However, short term cycles – as shown in our last update – are close to a high again On top of this, we still have to deal with the possible head and shoulders formation Therefore, all of this results in us still NOT buying back the position we sold from longs around S&P 1200 Short term, the S&P and Nasdaq are on a sell signal That does NOT mean that we are interested in going short, since, as we said above, weekly cycles have bottomed
Yes Jim, I agree with you. The 1131 high on Monday could be the RS, which tells me we are likely to continue down in a wave 5 from the April high, and not simply go down in a B wave of an ABC up to 1150 or so.
If this is wave 5 down (or whatever count?), then wave 1 of the wave 5 was likely completed at yesterday's low, from Monday's high. Meaning today should go up in wave 2 of the wave 5 down, leaving Thursday and Friday to print a nice wave 3 of wave 5 down.
Not many people are considering that count, as everyone is looking at the ABC up. They all assume we are in wave B down right now. Well if wave B down breaks support around 1080, then it's not a B wave down, and there won't be a C wave up for the completion of the right shoulder.
There certainly is no reason the 1031 high from monday cannot be the RS. The selling distribution in every rise seems more apparant. My only hesitation has been the lack of conviction as indicated by the vixes. As I have said before I feel more confident about sentiment when i see daily vix changes above the 6% range.
FTSE is forming the right shoulder on a H&S today (5 day intraday chart). If it does not break down, I may close out some shorts and wait until we are under all MAs.
Nenner must not play short term instruments, like options or 3x eft's, as I still believe it's worth taking a short position for a move down to 1080 area. Of course you would need a bounce today to get in short, but most people are already short from Monday.
I added a little to my TZA and TYP SPXU on Monday.
i may add a bit more on a bounce before FOMC meeting.
'Soros says Germany could cause euro collapse'
Their industry, curbing of government spending, and more solid currency is undermining the EU's plan to screw everyone simultaneously. Just goes to show how frigging deranged these Fabian socialists are. I am personally betting that Germany and Russia will be among the first to go to gold.
Don't be fooled, however; all parties are in on the scam, I'm sure. Still, I wish we'd follow Germany and Russia in fiscal/monetary management.
http://finance.yahoo.com/news/Soros-says-German…
Nenner June 23:
S&P/Nasdaq
“And again the market came down”
In Feb 2009, when we got ready to go long, we did not mind being a bit early, since we were convinced of much higher prices to follow
Now, however, we feel that it will be difficult to see a test of the highs
We expect to see a more important high by mid Aug
Therefore, we do not want to take a lot of risk
Nevertheless, here is the situation:
Weekly cycles have bottomed
However, short term cycles – as shown in our last update – are close to a high again
On top of this, we still have to deal with the possible head and shoulders formation
Therefore, all of this results in us still NOT buying back the position we sold from longs around S&P 1200
Short term, the S&P and Nasdaq are on a sell signal
That does NOT mean that we are interested in going short, since, as we said above, weekly cycles have bottomed
Weiss alert from yesterday FYI:
Dear Subscriber,
I’m not liking the looks of this market and I am waiting to see which move to make next, but for now I want you to exit all positions.
If you acted on my recommendations immediately after my email, you should be able to book gains in all three.
But to avoid these trades turning into losses, I want you to execute the following recommendations ….
Yes Jim, I agree with you. The 1131 high on Monday could be the RS, which tells me we are likely to continue down in a wave 5 from the April high, and not simply go down in a B wave of an ABC up to 1150 or so.
If this is wave 5 down (or whatever count?), then wave 1 of the wave 5 was likely completed at yesterday's low, from Monday's high. Meaning today should go up in wave 2 of the wave 5 down, leaving Thursday and Friday to print a nice wave 3 of wave 5 down.
Not many people are considering that count, as everyone is looking at the ABC up. They all assume we are in wave B down right now. Well if wave B down breaks support around 1080, then it's not a B wave down, and there won't be a C wave up for the completion of the right shoulder.
TZA breaking out to the upside in pre-market trading. Looks like Britain's bull is crippled (have a 15 min delay there).
Things are looking very good for a bearish morning. I'll breathe much easier once we get under all the MAs.
There certainly is no reason the 1031 high from monday cannot be the RS. The selling distribution in every rise seems more apparant.
My only hesitation has been the lack of conviction as indicated by the vixes. As I have said before I feel more confident about sentiment when i see daily vix changes above the 6% range.
FTSE is forming the right shoulder on a H&S today (5 day intraday chart). If it does not break down, I may close out some shorts and wait until we are under all MAs.
U.S Markets view before opening bell
http://niftychartsandpatterns.blogspot.com/2010…