I'd estimate, that if it follows a similar decline as the previous one to 1044, that it should take about 3 weeks to hit the light blue line.
Since the line will continue rising, it should be around the 1060 area by then. That would be about the 10,000 level on the DOW too.
So, the destination is known, and the time to get there should put us into early May. What's not known, is whether it starts this week or next?
It is still possible that this week could end up, and make it the 7th week in a row. Not likely, but possible.
I haven't heard of any scheduled meeting, with Obama or one of his henchmen talking this week, so maybe they plan on letting the earnings do the talking for them?
They usually talk when they want to keep the market from falling, with the except of when Obama wanted the last sell off to start, so he came on TV and made empty threats to the banks.
That's when we dropped to 1044 of course. Now of course, the earnings could be the blame, or maybe some news out of Greece or one of the other bankrupt countries.
Here's a big picture view of $SPX daily containment pts. Now the origin of the setup that gave us the Feb. 5 low came way back on May. 4 2009 when $SPX busted through purple containment and never looked back. The common theme many of you are starting to see is containment pts. always get backtested. The Feb. 5th low terminated @ purple containment. http://www.flickr.com/photos/47091634@N04/45102…
You'll notice on the chart the light blue line $SPX busted through on 7.16.2009 didn't get backtested. Guess what, it's going to get back tested next.
Obama once said that we are a Muslim country. I believe he meant it.
Our tilt away from our all of our traditional relationships with our traditional friends is getting the world nervous that they don't quite know what we will and what we will not do.
This encourages all the bad actors out there, and drives oil up.
TNA has a weekly HOLD signal. The candlestick this week is a White Candlestick. AmericanBulls has this trade starting at $44.23 on March 3rd, and this week closed at 60.31, up 36%.
TZA has a weekly WAIT signal. The candlestick this week is a Black Candlestick. AmericanBulls last placed a SELL on TZA at $9.83 on February 19th and this week closed at $6.43, down 34%.
Summary of $RUT based ETFs & a few popular ETFs & stocks (Market positive): +12 Hold: QQQQ(up 14.08%), IWM(1x, up 11.05%), UWM(2x, up 23.3%), TNA(3x, up 36.3%), IYR(1x, up 18.4%), SPY(up 9.8%), AAPL(up 23.5%), USO (oil, up 5.4%) New Confirmed Buy: ERX(3x energy) Wait: RWM(-1x, down 12.8%), TWM(-2x, down 24.4%), TZA(-3x, down 34.5%)
Transition to Market Positive: -3 Not Very High Reliability BUY-IF: GS, DRN(3x), URE(2x), AMZN Highly Reliable SELL-IF: ERY(-3x energy)
Transition to Market Negative: +5 Low Reliability BUY-IF(2nd week): DRV(-3x) Not Very High Reliability BUY-IF(2nd week): SRS(-2x) SELL-IF (2nd week): DIA Low reliability SELL-IF: GOOG Not Very High Reliability SELL-IF: UCO (2x oil)
Market Negative: -2 Hold:, SCO (-2x oil, down 7.8%), DTO(-3x oil, down 7.2%),
Comment: Bullish overall, Bullish Oil, Bullish Energy, Bullish $RUT, Neutral Real Estate Action for next week for TNA or TZA: None
Well said!
And it is insidious as most folks equate it with a National Sales Tax; which it s not.
How long will the market shrug this off?
To your earlier comment, I am very concerned about Pres Obama's 'dising' of our allies.
I am concerned that I will wake up some day soon to an invasion of Iran by Israel. It will not come as expected. They are no dummies over there.
Still waiting for Kuwait to adopt Democracy which was to happen after the first Gulf War.
http://finance.yahoo.com/news/Eurozone-nations-…
could this be the final push?
The VAT tax is a clever way to tax the poor and all those making money illegally, or with ways around paying income taxes.
It's also a great way to get back some of the money the government pays out when people draw social security, or receive government pensions.
It's coming.
I'd estimate, that if it follows a similar decline as the previous one to 1044, that it should take about 3 weeks to hit the light blue line.
Since the line will continue rising, it should be around the 1060 area by then. That would be about the 10,000 level on the DOW too.
So, the destination is known, and the time to get there should put us into early May. What's not known, is whether it starts this week or next?
It is still possible that this week could end up, and make it the 7th week in a row. Not likely, but possible.
I haven't heard of any scheduled meeting, with Obama or one of his henchmen talking this week, so maybe they plan on letting the earnings do the talking for them?
They usually talk when they want to keep the market from falling, with the except of when Obama wanted the last sell off to start, so he came on TV and made empty threats to the banks.
That's when we dropped to 1044 of course. Now of course, the earnings could be the blame, or maybe some news out of Greece or one of the other bankrupt countries.
This story is interesting…
http://www.cnbc.com/id/36388741
Especially the part about…
“It is hoped that the finance ministers can make a very strong statement (of support for Greece) before financial markets open Monday”
Why is so important I wonder? Hmmm? Something's brewing…
How true.
Check this out as well.
http://www.washingtonpost.com/wp-dyn/content/ar…
Excellent post Red
Here's a big picture view of $SPX daily containment pts.
Now the origin of the setup that gave us the Feb. 5 low came way back on May. 4 2009 when $SPX busted through purple containment and never looked back.
The common theme many of you are starting to see is containment pts. always get backtested. The Feb. 5th low terminated @ purple containment.
http://www.flickr.com/photos/47091634@N04/45102…
You'll notice on the chart the light blue line $SPX busted through on 7.16.2009 didn't get backtested. Guess what, it's going to get back tested next.
Burned by going short,No balls to go long heavy ,so it the defined loss play
TZA 7.00 calls @ .03 cents
Obama once said that we are a Muslim country. I believe he meant it.
Our tilt away from our all of our traditional relationships with our traditional friends is getting the world nervous that they don't quite know what we will and what we will not do.
This encourages all the bad actors out there, and drives oil up.
I sure hope he's wrong on oil Earl… I'm tired of paying almost $3.00 per gallon for gas! That sucker needs to go down, or it will choke the economy.
The Weekly view from Americanbulls
TNA has a weekly HOLD signal. The candlestick this week is a White Candlestick. AmericanBulls has this trade starting at $44.23 on March 3rd, and this week closed at 60.31, up 36%.
TZA has a weekly WAIT signal. The candlestick this week is a Black Candlestick. AmericanBulls last placed a SELL on TZA at $9.83 on February 19th and this week closed at $6.43, down 34%.
Summary of $RUT based ETFs & a few popular ETFs & stocks (Market positive): +12
Hold: QQQQ(up 14.08%), IWM(1x, up 11.05%), UWM(2x, up 23.3%), TNA(3x, up 36.3%), IYR(1x, up 18.4%), SPY(up 9.8%), AAPL(up 23.5%), USO (oil, up 5.4%)
New Confirmed Buy: ERX(3x energy)
Wait: RWM(-1x, down 12.8%), TWM(-2x, down 24.4%), TZA(-3x, down 34.5%)
Transition to Market Positive: -3
Not Very High Reliability BUY-IF: GS, DRN(3x), URE(2x), AMZN
Highly Reliable SELL-IF: ERY(-3x energy)
Transition to Market Negative: +5
Low Reliability BUY-IF(2nd week): DRV(-3x)
Not Very High Reliability BUY-IF(2nd week): SRS(-2x)
SELL-IF (2nd week): DIA
Low reliability SELL-IF: GOOG
Not Very High Reliability SELL-IF: UCO (2x oil)
Market Negative: -2
Hold:, SCO (-2x oil, down 7.8%), DTO(-3x oil, down 7.2%),
Comment: Bullish overall, Bullish Oil, Bullish Energy, Bullish $RUT, Neutral Real Estate
Action for next week for TNA or TZA: None