Well that would be perfect timing with the march starting in Greece on Wednesday, and the Senate passing a bill to regulate the banks. A double whammy! If that happens, the market isn't going to like it.
It could very well be the news event trigger that we need in order to panic the market into selling, making some multiple wave 3's down. I like it. Let's hope it works out that way.
Also, as you can see from an earlier post last night, Rip Van Trader pointed out that the market makers could have been the ones buying all those puts, meaning that they might actually want the market to tank. Just a thought, as no one really knows for sure. I do know that in the past, they always like to pin it where they pay out the least… which would be the 115 spy level right now. We'll see I guess…
Daneric EW on this blog list has us topping today at about 2:30 in a wave 2. How far down will wave 3 go? bottoms wed late? wave 4 up thursday? then wave 5 down friday??
Great post red, Anna did warn today about this reversal and her instincts are pretty damn good. Well let's hope this offers a better opportunity to short from I blew out all my May puts this morning, what a relief.
I see it. It reversed back up hard from being oversold that day, and then closed with similar pattern to today. Then another 2 days of selling the following days, to finally bottom. Let's hope it does the same thing tomorrow too.
LOL! I am thinking of holding SDS as a long-term investment, btw. It has had huge trading volume lately, and I think has bottomed. I will happily sell at 1020, though, and buy back on the market rally.
Just look at any SPX chart for the candlestick. It's the third trading day of July '09.
Good Morning Red.
Carl has a high of 1155 today 🙂
Well Duh… I miss read that. That was yesterday's range. OK… never mind. (Haven't had my coffee yet)
I think we are going a little higher then 1144, as 1150 seems like the most likely target. And if it breaks, we could see a lot more upside.
Carl’s morning call:
June S&P E-mini Futures: I think that last week's low at 1056 ended the correction from 1216. Yesterday's low ended the correction from 1174.
Today's range estimate is 1135-55.
1134.50- 1144 range last night (9.50 points)
1135-1155 estimate for today (20 points)
1143 currently, so estimate is -8 to +12 from here (bullish)
Well that would be perfect timing with the march starting in Greece on Wednesday, and the Senate passing a bill to regulate the banks. A double whammy! If that happens, the market isn't going to like it.
It could very well be the news event trigger that we need in order to panic the market into selling, making some multiple wave 3's down. I like it. Let's hope it works out that way.
Also, as you can see from an earlier post last night, Rip Van Trader pointed out that the market makers could have been the ones buying all those puts, meaning that they might actually want the market to tank. Just a thought, as no one really knows for sure. I do know that in the past, they always like to pin it where they pay out the least… which would be the 115 spy level right now. We'll see I guess…
Daneric EW on this blog list has us topping today at about 2:30 in a wave 2. How far down will wave 3 go? bottoms wed late? wave 4 up thursday? then wave 5 down friday??
http://danericselliottwaves.blogspot.com/
I think the unions in Greece start the march 11am EST on Wed.
well, A donation goes a long way on a small … muddy flood waters ebb from torrential
Great post red, Anna did warn today about this reversal and her instincts are pretty damn good. Well let's hope this offers a better opportunity to short from I blew out all my May puts this morning, what a relief.
Ahhhh…
I see it. It reversed back up hard from being oversold that day, and then closed with similar pattern to today. Then another 2 days of selling the following days, to finally bottom. Let's hope it does the same thing tomorrow too.
LOL! I am thinking of holding SDS as a long-term investment, btw. It has had huge trading volume lately, and I think has bottomed. I will happily sell at 1020, though, and buy back on the market rally.
Just look at any SPX chart for the candlestick. It's the third trading day of July '09.