S&P/Nasdaq We are close to the projected cycle low The weekly cycle that topped around mid May is supposed to bottom in a week It is possible that we already saw the low A close for the S&P above 1121 will be an indication of this We sold from longs our S&P position around 1200 and the Nasdaq around 2000 Therefore, we can be patient and still wait – especially since the bounce can still be only part of a small Wave 4 up In any case, we expect the next up move to run into trouble in Aug What we do know is the following: in case of one more correction, it is time to buy on weakness
The volume is so low today that I don't think anyone is doing any trading. They should have just closed today for a holiday or something… with this kind of volume.
A big move is likely coming… which direction is unknown?
In fact, I can see them taking it lower now to suck more bears in only to ram it in their face. I said to myself, if we get higher than June 3rd highs, I would cover. So why am I still in my positions?
Yes, it is supposed to be but I find it odd that they took the S&P just slightly higher than the 6/3 high which makes me think the bear case might be dead. If we don't have a reversal today, I am out.
Nenner Update This am:
S&P/Nasdaq
We are close to the projected cycle low
The weekly cycle that topped around mid May is supposed to bottom in a week
It is possible that we already saw the low
A close for the S&P above 1121 will be an indication of this
We sold from longs our S&P position around 1200 and the Nasdaq around 2000
Therefore, we can be patient and still wait – especially since the bounce can still be only part of a small Wave 4 up
In any case, we expect the next up move to run into trouble in Aug
What we do know is the following: in case of one more correction, it is time to buy on weakness
We sort of need to turn soon to make it happen today.
Well, they're saying “Don't go short”, that's for sure. I wish I had stopped out on Thursday.
up since I am always on the wrong side!
The volume is so low today that I don't think anyone is doing any trading. They should have just closed today for a holiday or something… with this kind of volume.
A big move is likely coming… which direction is unknown?
In fact, I can see them taking it lower now to suck more bears in only to ram it in their face. I said to myself, if we get higher than June 3rd highs, I would cover. So why am I still in my positions?
Yes, it is supposed to be but I find it odd that they took the S&P just slightly higher than the 6/3 high which makes me think the bear case might be dead. If we don't have a reversal today, I am out.
Today is the reversal day according to the lunar calendar, which is usually accurate. Let's hope it's not a reversal from hope to despair.
We've had a false breakout, though going above 200dma would bring in more yokels, I imagine. I don't think there are enough buyers to pull it off.
Does anyone find it weird that oil remains stable/up even though all the oil companies have been hit hard?
WTF- Airlines on a buy list after jet fuel spikes up