You’re welcome Seawind… things changes from day to day and the current move into the close today has forced me to rethink my post above. Looks more to me like the “Wave 1” down will be the one starting after Legatus, instead of that one being a “Wave 3” down.
We could actually make new “all time” highs if they breakthrough hard to the upside tomorrow. I mean that we could take out 1574 spx from 2007 over the next few weeks before we tank in February.
This actually makes the most sense now as crash usually happen from bubble markets, and bubble market need a new “all time” high to happen first.
I don’t like the way the market looks right now gang. I get the feeling they are going to push this up tomorrow hard. For there to be a top there needs to be some type of gap up in the morning that fails to hold the high and then falls back down all day putting in a topping tail on the daily chart.
Rallying into the close shows strength… not exhaustion. And the fact that they are already into the 1470-1474 spx zone tells me they are likely going to take this up a lot higher then I expected tomorrow and into next week. The bears are going to get squeeze hard tomorrow I feel… and 1500 is likely to be taken out next week as well.
I would not take any short positions as I think this is a bear trap, not a bull trap. They could even go up and put in a new all-time over the coming weeks before February. So be very cautious here on the short side. I don’t like the long side either so I’m just going to sit this one out and just do my penny stocks for now.
I drank some moonshine once when I was a kid (18 I think?)… put hair on my chest for sure!
I need what those dam computers are running on??? MOONSHINE…….
February 7th-9th, 2013
Red when is the meeting?
Thanks
You’re welcome Seawind… things changes from day to day and the current move into the close today has forced me to rethink my post above. Looks more to me like the “Wave 1” down will be the one starting after Legatus, instead of that one being a “Wave 3” down.
Dido on that one….have my targets to sell….but ready to just sell and move on!
Thanks Mr. Red for the above post!
We could actually make new “all time” highs if they breakthrough hard to the upside tomorrow. I mean that we could take out 1574 spx from 2007 over the next few weeks before we tank in February.
This actually makes the most sense now as crash usually happen from bubble markets, and bubble market need a new “all time” high to happen first.
I still have some longs and will hold on to them for a little longer.
I don’t like the way the market looks right now gang. I get the feeling they are going to push this up tomorrow hard. For there to be a top there needs to be some type of gap up in the morning that fails to hold the high and then falls back down all day putting in a topping tail on the daily chart.
Rallying into the close shows strength… not exhaustion. And the fact that they are already into the 1470-1474 spx zone tells me they are likely going to take this up a lot higher then I expected tomorrow and into next week. The bears are going to get squeeze hard tomorrow I feel… and 1500 is likely to be taken out next week as well.
I would not take any short positions as I think this is a bear trap, not a bull trap. They could even go up and put in a new all-time over the coming weeks before February. So be very cautious here on the short side. I don’t like the long side either so I’m just going to sit this one out and just do my penny stocks for now.
APPLE Chart update: http://niftychartsandpatterns.blogspot.in/2013/01/apple-chart-update_10.html