Ok gang I'm back… I had to leave for a little while. Looks like I need to get short again, as we are forming a nice bear flag. More selling is likely tomorrow, from the looks of it.
GS, AAPL, IYR are sending very clear messages………..
Do you see anybody puking up there shares in any of those individual issues? If the answer is no, go for a walk on the beach as the harvest of speculative capital is not completed.
the bulls will need a miracle in the last hour to close the $DJI above brown containment that has been holding the $DJI up since 4.12.2010 Red containment is in the mid 10,700's.
A little concern that I have is AAPL looks like it will not fill the gap in the next few days. If the whole market makes another run in the next few weeks then next month the Market could take another dive. But again its too early to tell now. But upside target for SPY is 125-127 for may
DRN likes to flip out and kill bears. I think it is playing out an ending diagonal. Any EW wizards want to take a look at IYR and chart it? I think it could provide some insight into the rest of the market.
It's all making sense to me now and I really appreciate your continuous explanations. I realize it makes sense to do a vertical put spread now (since the VIX has had a pop) but if the VIX was in the teens, wouldn't it make more sense just to buy straight out puts since you are not getting much of a premium on the puts you would be selling (in a vertical put spread scenario)?
for those trading IWM
67.39 de-leverage pt. established 4.1.2010
Bulls better hope this closes @ the low today and climaxes tomorrow as it is the 9th CD from 4.26.2010 highs
Shortest counter-move of 02-07' mkt and current bull mkt. is 9 CD.
Otherwise things are going to get real fun………………..
Ok gang I'm back… I had to leave for a little while. Looks like I need to get short again, as we are forming a nice bear flag. More selling is likely tomorrow, from the looks of it.
GS, AAPL, IYR are sending very clear messages………..
Do you see anybody puking up there shares in any of those individual issues?
If the answer is no, go for a walk on the beach as the harvest of speculative capital is not completed.
Don't make this game anymore difficult than it already is……
The SPY 115.58 tick from 3.24 will be hit, which will create a host of problems for the bullish case as it will violate major TL's.
As I wrote last week, the hardest thing to do is nothing, those that were short are getting rewarded, speculative capital is getting harvested.
Here is a chart of the $DJI daily containment
http://www.flickr.com/photos/47091634@N04/45786…
the bulls will need a miracle in the last hour to close the $DJI above brown containment that has been holding the $DJI up since 4.12.2010
Red containment is in the mid 10,700's.
A little concern that I have is AAPL looks like it will not fill the gap in the next few days. If the whole market makes another run in the next few weeks then next month the Market could take another dive. But again its too early to tell now. But upside target for SPY is 125-127 for may
GS 175 IMO
DRN likes to flip out and kill bears. I think it is playing out an ending diagonal. Any EW wizards want to take a look at IYR and chart it? I think it could provide some insight into the rest of the market.
Still short which scares me since you and bear/bull are usually right. But so be it. Sticking with my conviction.
It's all making sense to me now and I really appreciate your continuous explanations. I realize it makes sense to do a vertical put spread now (since the VIX has had a pop) but if the VIX was in the teens, wouldn't it make more sense just to buy straight out puts since you are not getting much of a premium on the puts you would be selling (in a vertical put spread scenario)?
Long DRN at 224.1