only thing I am afraid of is that it is hard to call a crash twice (even he mentions this). I wonder how on earth the flux capacitor works (and not the one in back to the future)!
I *think* the bulls are about done for today. Lots of bearish news around.
Why are people suddenly concerned about the trade deficit, lol? I mean, it's sucked for 40 years and, yes, Virginia, we have squandered our national inheritance on foreign oil and consumer goods we could've, should've made ourselves.
Looks like the market wants to touch the upper trendline on the falling channel that's on the 60 minute chart. That level is around 1080, and should be the “uncle” point for the market.
Once the 60 minute rolls over, the move down will be fast and furious, as all the larger time frame charts will push down heavily on the market.
Of course it doesn't have too make it up to 1080, as it's getting pretty overbought right now, and could rollover at anytime. But, I expect it to happen in the afternoon session. Tomorrow should be a very large down day, as the charts will gain lots of momentum when they fall below the zero level.
VIX is spraying a little perfume behind her knees, will be ready to roll pretty soon.
only thing I am afraid of is that it is hard to call a crash twice (even he mentions this). I wonder how on earth the flux capacitor works (and not the one in back to the future)!
LOL…
I'm looking and mine, and it's down huge now… but I know by tomorrow it's going to be up huge. So just hang in there… it's coming soon.
Thanks Newbear.
Thanks Diablos.
I *think* the bulls are about done for today. Lots of bearish news around.
Why are people suddenly concerned about the trade deficit, lol? I mean, it's sucked for 40 years and, yes, Virginia, we have squandered our national inheritance on foreign oil and consumer goods we could've, should've made ourselves.
oye – i just tuned back in to see the market has run up. I can't even look at my account. I am sticking through it though.
Yes, we are very overbought right now, but 108.34 is only a hair away… I'm sure they can touch it if they want too.
By 4pm today, the market should have given back all of today's move up, and will probably be in negative territory.
For SPY, the 50 Week SMA is at 108.34…high today so far is 108.28. Don't know if we can go much higher.
Looks like the market wants to touch the upper trendline on the falling channel that's on the 60 minute chart. That level is around 1080, and should be the “uncle” point for the market.
Once the 60 minute rolls over, the move down will be fast and furious, as all the larger time frame charts will push down heavily on the market.
Of course it doesn't have too make it up to 1080, as it's getting pretty overbought right now, and could rollover at anytime. But, I expect it to happen in the afternoon session. Tomorrow should be a very large down day, as the charts will gain lots of momentum when they fall below the zero level.