I only gave a possible EW count, as it's always easier to go back and make the counts fit… then to predict them going forward. It has it's place, but it's not always accurate.
But then again, what do I know? I'm not an expert in EWT.
Here's the chart I posted on a few other blogs that ads to your therory that earnings may be less then expected. Looks to me like it's beginning to break down now RTH – http://screencast.com/t/YWQ1MjAwN
That is true, but the market has been so heavily manipulated that a person can get killed on the whipsaw action, if their not quick to get out. I'm looking to play individual stocks only for now.
Once the February high is in, I'll go back into the SPY. I'm looking at IBM for a short canidate now. I'd like to see it get up to 133.50 on Tuesday, and then I'm thinking about short it with a 130/135 call credit spread.
Since the earnings are coming out after the bell, the calls are inflated in value now, and will go back down after the earnings are released. So, even if the stock goes up a little, the calls will be worth less.
I think IBM will sell off after earnings, as it is at a multi-year high right now. It's above the 1999 high and right at the 2000 high… which is the highest it's been this decade.
There was an intra-month high around 139, but I don't see it reaching there. The 133.50 is the 2000 high, and that should stop any further advance.
Amazon is another one I'm looking at, but I'd like to see it go back up some first.
I only gave a possible EW count, as it's always easier to go back and make the counts fit… then to predict them going forward. It has it's place, but it's not always accurate.
But then again, what do I know? I'm not an expert in EWT.
“Primary Wave 2 Bear Market Rally with a 5 wave pattern completing it”
if we use EWT, than 2,B and 4 are 3 wave corrections, not impulses.and if we get 5waves from bottom,(666 SPX) then I would expect more highs to come.
but very, very nice work!
excellent!
Here's the chart I posted on a few other blogs that ads to your therory that earnings may be less then expected. Looks to me like it's beginning to break down now
RTH – http://screencast.com/t/YWQ1MjAwN
I am! very perceptive of you
Heres to 450 S&P then we can fix this train crash and move on
Nice post !!!
http://eclipptv.com/viewVideo.php?video_id=9493
Intersting…….
JIM Rogers on Boom in Commodities…
http://eclipptv.com/viewVideo.php?video_id=9491
Thanks
Joe
I'm pretty confident that 1130 will break. Lot's of charts rolling over now… 1115 is our target.
I have AMZN on my watch list as well. I forgot to mention that 1130 is also a key level that must be broken to reach 1115.
Thanks Crash… it's coming soon, by the way! With a name like that, I can tell you're a Bear…
That is true, but the market has been so heavily manipulated that a person can get killed on the whipsaw action, if their not quick to get out. I'm looking to play individual stocks only for now.
Once the February high is in, I'll go back into the SPY. I'm looking at IBM for a short canidate now. I'd like to see it get up to 133.50 on Tuesday, and then I'm thinking about short it with a 130/135 call credit spread.
Since the earnings are coming out after the bell, the calls are inflated in value now, and will go back down after the earnings are released. So, even if the stock goes up a little, the calls will be worth less.
I think IBM will sell off after earnings, as it is at a multi-year high right now. It's above the 1999 high and right at the 2000 high… which is the highest it's been this decade.
There was an intra-month high around 139, but I don't see it reaching there. The 133.50 is the 2000 high, and that should stop any further advance.
Amazon is another one I'm looking at, but I'd like to see it go back up some first.
thanks for that your blog is becoming a wee bit addictive !