Market action thus far surprised bears and bulls alike. Now bears are expecting a bounce Monday, Bulls are expecting a huge rally based on Friday afternoon action. A professional trader I know well is waiting to go short as he was waiting for his signals until now. He did not like to chase markets that were going down. I am not positioned well either to take advantage of this correction. Actually, I lost money trading in and out. Next week is very interesting..
Thanks TY… one should alway admit when they are wrong. I've been wrong on many occasions and I usually pay for it in my trading account. But, I'm still here…
Red, G7 comments are bearish for markets. No Greek bailouts, just soothing words of assurance that we will manage. Markets are not going to like. They want to tax banks based on global agreement. All agree that banks must be taxed to pay for the crisis!. This is not going to go well for markets Monday (or next week). I am new here and started posting right away to acknowlegde you deep understanding of markets. I like your pictures as they are sending right message regarding markets.
like i said in my other post, betting on a down week is dangerous since it hasn't happened in the last 250 weeks when there has been 4 straight down weeks, since this is a numbers game i can only go by the numbers.
The market has already topped. Monthly, Weekly, and Daily charts are all pointing down. That wasn't the case back in May or September of 2009.
I'm expecting the 200dma to be hit this week, and then a small bounce. It will still be a down week though. The Olympic ritual next Friday could just produce a larger down week into OPX.
That's hard to predict. I only know that everything is point down now, and it should last a few months. The government will come in with another stimulus plan when we hit the bottom. At that point, I'll be looking to go long… but not until that happen.
It's going to take the banks a couple of months to sell all their shares. This isn't over sundancer… it's only beginning.
don't forget the Olympic ritual (Zeus/G-Zeus) is coming up starting this coming friday, the last time the market topped the following trading day after the opening ceremony. the market proceeded to crash 36.4% in the following 33 days.
Market action thus far surprised bears and bulls alike. Now bears are expecting a bounce Monday, Bulls are expecting a huge rally based on Friday afternoon action. A professional trader I know well is waiting to go short as he was waiting for his signals until now. He did not like to chase markets that were going down.
I am not positioned well either to take advantage of this correction. Actually, I lost money trading in and out.
Next week is very interesting..
Fantastic post, Red! Let's get ready to rock and roll. 🙂
Thanks Michigan… Comment away, I'll alway give you the best answer I can. Of course no one gets them all right, but I'll admit when I'm wrong too.
Monday could surprise a few people… that's for sure.
Thanks TY… one should alway admit when they are wrong. I've been wrong on many occasions and I usually pay for it in my trading account. But, I'm still here…
Red,
G7 comments are bearish for markets. No Greek bailouts, just soothing words of assurance that we will manage. Markets are not going to like. They want to tax banks based on global agreement. All agree that banks must be taxed to pay for the crisis!. This is not going to go well for markets Monday (or next week).
I am new here and started posting right away to acknowlegde you deep understanding of markets.
I like your pictures as they are sending right message regarding markets.
RED, READ YOU DAILY.LOVE THE FACT THAT YOU ARE A STRAIGHT SHOOTER.NO DOUBLE TALK.RIGHT OR WRONG YOU TAKE A STAND.
Red, you are very knowledgeable, certainly knows well how to play markets. Keep up great work….Thanks for your insights.
like i said in my other post, betting on a down week is dangerous since it hasn't happened in the last 250 weeks when there has been 4 straight down weeks, since this is a numbers game i can only go by the numbers.
yesterdays low came off the 200 ema (algos use ema's) plus 1045.66 was the absolute boundary for the market
http://www.flickr.com/photos/47091634@N04/43343…
The market has already topped. Monthly, Weekly, and Daily charts are all pointing down. That wasn't the case back in May or September of 2009.
I'm expecting the 200dma to be hit this week, and then a small bounce. It will still be a down week though. The Olympic ritual next Friday could just produce a larger down week into OPX.
That's hard to predict. I only know that everything is point down now, and it should last a few months. The government will come in with another stimulus plan when we hit the bottom. At that point, I'll be looking to go long… but not until that happen.
It's going to take the banks a couple of months to sell all their shares. This isn't over sundancer… it's only beginning.
don't forget the Olympic ritual (Zeus/G-Zeus) is coming up starting this coming friday, the last time the market topped the following trading day after the opening ceremony. the market proceeded to crash 36.4% in the following 33 days.