Appreciate the update and am sticking with you. But, on the flip side, it seems like a lot of people know about the 1173 level and are going short. If we bust through there, there will be a lot of short covering.
Here's a chart to chew on over lunch After taking a trip around the blogosphere the amount of speculative capital long is frightening.
http://www.flickr.com/photos/47091634@N04/46044… Last Friday's low was not a coincidence, the operators left 2 $SPX 3 minute gaps. Look where the low came last friday. The final gap is @ 1080.35
Looking at this 15 minute chart, you can draw a trendline underneath, just like the one above, and you have a bearish rising wedge. The market is currently riding along the lower support trendline (not shown, but it's whether the moving averages are).
I expect it to pop up and hit the overhead trendline into the close of the market, as it will be higher by then, allowing it to maintain itself as still in the wedge.
We it breaks out of the wedge… up or down, it will be a large move. With the low volume that we have now, it favors the bulls.
If the news about the Germans leaving the Euro, and going back to their own currency is true, the market won't like it. But, they have the announcement set for after the close on Friday, which will give the market the entire weekend to digest the news… meaning that the will stop the sell off from happening.
Tough to be a bear right now, as the government is out to kill you.
Appreciate the update and am sticking with you. But, on the flip side, it seems like a lot of people know about the 1173 level and are going short. If we bust through there, there will be a lot of short covering.
http://blog.afraidtotrade.com/
Here's a chart to chew on over lunch
After taking a trip around the blogosphere the amount of speculative capital long is frightening.
http://www.flickr.com/photos/47091634@N04/46044…
Last Friday's low was not a coincidence, the operators left 2 $SPX 3 minute gaps. Look where the low came last friday.
The final gap is @ 1080.35
The rest of today, no selling will stick intra-day until SPY breaks red containment
http://www.flickr.com/photos/47091634@N04/46038…
Gotta run the rest of the afternoon, be back @ the close
Uh oh, what I took as a failed PG rally may have been its TL. Could get ugly here.
Sorry, forgot the link to the chart….
http://stockcharts.com/def/servlet/Favorites.CS…
Looking at this 15 minute chart, you can draw a trendline underneath, just like the one above, and you have a bearish rising wedge. The market is currently riding along the lower support trendline (not shown, but it's whether the moving averages are).
I expect it to pop up and hit the overhead trendline into the close of the market, as it will be higher by then, allowing it to maintain itself as still in the wedge.
We it breaks out of the wedge… up or down, it will be a large move. With the low volume that we have now, it favors the bulls.
If the news about the Germans leaving the Euro, and going back to their own currency is true, the market won't like it. But, they have the announcement set for after the close on Friday, which will give the market the entire weekend to digest the news… meaning that the will stop the sell off from happening.
Tough to be a bear right now, as the government is out to kill you.
the rest are too stupid or don't care.
probably even close up today to scare the last bear out.
it will probably come when we are not watching – like overnight.
CNBC just showed a poll of “is the stock market fair and open”: – 58% of the polled said no.
Get your ball gloves out.