I just now noticed XLE is at its upper bb band= 54, 56 is the 200 day. SAFETY MEASURES add costs…anytime a sector has expected, rising costs, 6 month's out, it does not get above its 200 day = 56. If this market is stupid enough to give me 56 on XLE—I'm shorting EVERYTHING. Where XLE goes, so goes the market.
Red, really interesting video, I never saw your video's before. Here's some ammunition for you. XLE is at an unsustainable double top 54.. The 200 day sma, is 56. With BP and RIG, at such disgrace / uncertainty, XLE going above 56?..Not this time……. 100% no way…BP and RIG, problems infect the entire OIH and XLE sector. XLE above its 200 day, is saying XLE is a bullish sector….Impossible. Not with this much uncertainty in the XLE sector. btw, I'm shorting QQQQ at 46
Comparing Merriman to EWI. Merriman in his latest seems to imply that last Tuesday was the low, even though volatility will continue until 6/26. EWI short term update favors further strong downturn (no certainty as to when).
IMHO, perhaps market will continue to oscillate until the 26th with nothing lower than SPX 1040 and then rally from late June to late July (which will be a good time to short until mid August).
Nice assessment Red.
Hopefully my July Faz call will bank coin.
I wish everyone good luck.
Eric
Hi Reza, DOW 10,500, short it, imho.
Thanks for the information Z…
By the way, I just put up my weekend update… refresh your page to see the new video.
I just now noticed XLE is at its upper bb band= 54, 56 is the 200 day.
SAFETY MEASURES add costs…anytime a sector has expected, rising costs, 6 month's out, it does not get above its 200 day = 56.
If this market is stupid enough to give me 56 on XLE—I'm shorting EVERYTHING.
Where XLE goes, so goes the market.
Red, really interesting video, I never saw your video's before.
Here's some ammunition for you.
XLE is at an unsustainable double top 54.. The 200 day sma, is 56. With BP and RIG, at such disgrace / uncertainty,
XLE going above 56?..Not this time……. 100% no way…BP and RIG, problems infect the entire OIH and XLE sector.
XLE above its 200 day, is saying XLE is a bullish sector….Impossible. Not with this much uncertainty in the XLE sector.
btw, I'm shorting QQQQ at 46
Corrective version (based on tony c)
http://screencast.com/t/YzdhZGY0MmM
Still get that wave 3 down Monday!
Dow jones weekly chart analysis
http://niftychartsandpatterns.blogspot.com/2010…
Russell 2000 end of day analysis
http://niftychartsandpatterns.blogspot.com/2010/06/russell-2000-index-end-of-day-analysis.html
Phoevos – can you share more on merriman thoughts and accuracy of previous forecast ?
Red,
Comparing Merriman to EWI. Merriman in his latest seems to imply that last Tuesday was the low, even though volatility will continue until 6/26. EWI short term update favors further strong downturn (no certainty as to when).
IMHO, perhaps market will continue to oscillate until the 26th with nothing lower than SPX 1040 and then rally from late June to late July (which will be a good time to short until mid August).
Does this make sense to you?