Does anyone find it strange that they keep showing the oil rig explosion but very little has been shown of up dead wild life? Usually when there is an oil spill (even a small one) you see footage of lots of dead birds, etc. There has been some of that, but not a whole lot.
Technicals and fundamentals both support the bearish position (as does a common sense, reality based attitude about what is happening in the world). I have been bearish all year but played the bull because it didn't make sense to leave money lying on the road. May 6 changed my thinking and I will remain bear or out of the market. A whole myriad of things can drop this market substantially in a heartbeat. Nothing comparable on the upside so it pays to be short or out in my opinion. All I know is that the market still hasn't recovered from the hit. 1200's are gone, 1100's have made occasional guest appearances over last three plus weeks and in each case quickly voided and they are destined out also. Short of a big move later today, this will be the first week without a 1100 print. For all the chartists predictions, yesterday's bull love fest and everyone's fear all of a sudden that strikes me as a very positive occurence and continued follow through into a very normally scary opex week.
I'm getting ready to throw the bearish case in the garbage for now. We are back to this being a completely upwards manipulated market, regardless of what the technicals say should happen.
Does anyone find it strange that they keep showing the oil rig explosion but very little has been shown of up dead wild life? Usually when there is an oil spill (even a small one) you see footage of lots of dead birds, etc. There has been some of that, but not a whole lot.
And the upside I an believing is 1100.
If we cross that we go straight to 1120-1140. then who knows??
Technicals and fundamentals both support the bearish position (as does a common sense, reality based attitude about what is happening in the world). I have been bearish all year but played the bull because it didn't make sense to leave money lying on the road. May 6 changed my thinking and I will remain bear or out of the market. A whole myriad of things can drop this market substantially in a heartbeat. Nothing comparable on the upside so it pays to be short or out in my opinion. All I know is that the market still hasn't recovered from the hit. 1200's are gone, 1100's have made occasional guest appearances over last three plus weeks and in each case quickly voided and they are destined out also. Short of a big move later today, this will be the first week without a 1100 print. For all the chartists predictions, yesterday's bull love fest and everyone's fear all of a sudden that strikes me as a very positive occurence and continued follow through into a very normally scary opex week.
Hi,
Here is an update to yesterdays hourly. Resistance has held on the 60 as we thought. It will be interesting to see if she turns over today.
The 5 min is starting to show her age.
http://www.screencast.com/users/has001u/folders…
The market's just trying to get the rubes into the tent, and the skeptics out.
Think Wizard of Oz.
It's just the last kicks of a dying bull… which can be quite violent.
I'm getting ready to throw the bearish case in the garbage for now. We are back to this being a completely upwards manipulated market, regardless of what the technicals say should happen.
I'm hoping we're about done here, but bulls are like children or socialists, get a lot of do-overs. (j/k)
Dow jones raising wedge with a triangle
http://niftychartsandpatterns.blogspot.com/2010…
I'm thinking prices will go down, but not as much as everyone hopes.
Then, we'll rally next week but it will stall, hanging around 1075 or thereabouts on OEX so no one will make any money.
Except the big boys, who will grab the options and either rally or tank in OEX final minutes, whichever is more beneficial to them.