Well personally I not only see no trend change but further validation. Simplistically we took out the 1200 S&P level on 05/03, the 1100 level, despite the 05/06 crash, still held on a closing basis until 05/20. The 1000 level has now dominated since. We had a single breach to 1103 the week of 05/24 (on a Thursday, high for the week). We had a single breach to 1102 the week of 05/31 (on a Thursday, high for the week) and this week we have yet to breach it and with today, another Thursday, and so far again the high of the week, not only have we not breached 1100 we haven't yet breached 1080. So why all the fear and trepedation suddenly? I feel more encouraged this week than last.
you could be right although gs is very close to breaking through 135 and if the market goes down even slightly today we will get through it. we also have the treasury auction at 1est which usually takes place in a down market.
Red, Atleast the sequence I am seeing for last 2 months – “things happen when no one expects that to happen”. Today many people are exiting thinking market might tank – so I don't think market will tank, not even tomorrow morning – it might show some more strength – I think tomorrow afternoon when bulls feel very comfortable market will tank and go down to where it was by Monday market close. Unbelievable but this theory is working for last 4 to 5 weeks.. – general observation though..
Well personally I not only see no trend change but further validation. Simplistically we took out the 1200 S&P level on 05/03, the 1100 level, despite the 05/06 crash, still held on a closing basis until 05/20. The 1000 level has now dominated since. We had a single breach to 1103 the week of 05/24 (on a Thursday, high for the week). We had a single breach to 1102 the week of 05/31 (on a Thursday, high for the week) and this week we have yet to breach it and with today, another Thursday, and so far again the high of the week, not only have we not breached 1100 we haven't yet breached 1080. So why all the fear and trepedation suddenly? I feel more encouraged this week than last.
ha ha!
you know that whenever they show that oil leak on CNBC that they are getting ready to tank the market!
I am 100% short, actually 102% because I wanted a round number of shares and used a soupçon of margin.
Screw Wall Street and Washington. I fart in their general direction.
Here's and interesting fact that was just posted on Mr. Topsteps' Twitter page…
“Today is the largest gap up on any rollover in history.”
That means there were a TON of bears that just got squeezed out! Let's hope they stay out, so we and tank this puppy.
red, remember attila said that if we get above 1085, all bets are off.
you could be right although gs is very close to breaking through 135 and if the market goes down even slightly today we will get through it. we also have the treasury auction at 1est which usually takes place in a down market.
You could be dead on accurate there Kotla?
Just about all the charts will be overbought by then, and should rollover. We'll see I guess?
Red,
Atleast the sequence I am seeing for last 2 months – “things happen when no one expects that to happen”. Today many people are exiting thinking market might tank – so I don't think market will tank, not even tomorrow morning – it might show some more strength – I think tomorrow afternoon when bulls feel very comfortable market will tank and go down to where it was by Monday market close. Unbelievable but this theory is working for last 4 to 5 weeks.. – general observation though..
yes, i will cover if the vix gets below 29.70