Limited means that we are hitting some pretty heavy resistance at the 113.80-114.00 SPY level, and rarely can the market break through without a pullback first.
Think of it like a soldiers coming up again some heavy artillery. They would fall back and re-group before attacking again.
That level has multiple trend lines intersecting it, which means that's it's really tough to go through on the first time hitting it.
A pullback to the 1080 (SPX) area would give the market time to rest and try to rally up again. I think 1103 area is first, then 1080 by the end of the month or early next month.
I have been anticipating a wicked whipsaw end of first week of Jan for several months. 5% drop to get the bears back in, all-in, and then squeeeeeeeeeeeze.
I have been anticipating a wicked whipsaw end of first week of Jan for several months. 5% drop to get the bears back in, all-in, and then squeeeeeeeeeeeze.
You might be right Jay? That sell off in the last 30 minutes of trading Thursday was pretty big. Volume was about 60 million shares just in 30 minutes! The whole day was only about 90 million.
Somebody wanted out quickly! We could gap down Monday and Tuesday a few hundred points, to get our 5-10% correction, and then the PPT comes in to save the day.
HI Red Agree with Jan 6th but it looks like a cycle converging LOW at 10am see the blog for details thanks for your comments and Happy New year It has started off for the bears, but should setup a nice LONG play on the 7th at 3;30 to 4pm
Now we got to get those 60 corporate senators out of office—I don't care what political view___ any non-corporate person decides to run, I'll vote for them. You know how you can get a monkey elected in 2010 elections—Tell the people, My opponent took all this bailout money contributions, from these corporations. Just keep hitting the ad waves with “Bailout” They'll vote for the monkey, because he isn't accepting any contributions from BAILOUTS
Now we got to get those 60 corporate senators out of office—I don't care what political view___ any non-corporate person decides to run, I'll vote for them. You know how you can get a monkey elected in 2010 elections—Tell the people, My opponent took all this bailout money contributions, from these corporations. Just keep hitting the ad waves with “Bailout” They'll vote for the monkey, because he isn't accepting any contributions from BAILOUTS
Limited means that we are hitting some pretty heavy resistance at the 113.80-114.00 SPY level, and rarely can the market break through without a pullback first.
Think of it like a soldiers coming up again some heavy artillery. They would fall back and re-group before attacking again.
That level has multiple trend lines intersecting it, which means that's it's really tough to go through on the first time hitting it.
A pullback to the 1080 (SPX) area would give the market time to rest and try to rally up again. I think 1103 area is first, then 1080 by the end of the month or early next month.
Red
And what does limited mean? 1200?
I have been anticipating a wicked whipsaw end of first week of Jan for several months. 5% drop to get the bears back in, all-in, and then squeeeeeeeeeeeze.
I have been anticipating a wicked whipsaw end of first week of Jan for several months. 5% drop to get the bears back in, all-in, and then squeeeeeeeeeeeze.
You might be right Jay? That sell off in the last 30 minutes of trading Thursday was pretty big. Volume was about 60 million shares just in 30 minutes! The whole day was only about 90 million.
Somebody wanted out quickly! We could gap down Monday and Tuesday a few hundred points, to get our 5-10% correction, and then the PPT comes in to save the day.
HI Red
Agree with Jan 6th but it looks like a cycle converging LOW
at 10am
see the blog for details
thanks for your comments and Happy New year
It has started off for the bears, but should setup a nice LONG play on the 7th at 3;30 to 4pm
See the graph
Jay
10% would be WONDERBAr {G}
Yeah, those were the “good ol' days”, when life was simple. Happy New Year Caption Koons!
Hey Red,
Great Video. Talking Heads bring back many good memories. Have a safe and happy New Year's celebration.
Now we got to get those 60 corporate senators out of office—I don't care what political view___ any non-corporate person decides to run, I'll vote for them.
You know how you can get a monkey elected in 2010 elections—Tell the people, My opponent took all this bailout money contributions, from these corporations. Just keep hitting the ad waves with “Bailout” They'll vote for the monkey, because he isn't accepting any contributions from BAILOUTS
Now we got to get those 60 corporate senators out of office—I don't care what political view___ any non-corporate person decides to run, I'll vote for them.
You know how you can get a monkey elected in 2010 elections—Tell the people, My opponent took all this bailout money contributions, from these corporations. Just keep hitting the ad waves with “Bailout” They'll vote for the monkey, because he isn't accepting any contributions from BAILOUTS