I’ll be getting a new pick out on the “Penny Stock” sometime today. As for the SPX, it’s looking more and more like we have tested the bottom (for this current sell off from yesterday) and should rally tomorrow.
There is $4.25-$5.25 Billion coming into the market Wednesday and Thursday, so more selling is going to be tough for the bears. I’m thinking now that they really do plan on continuing up to that insane 1430-1435 zone before rolling over.
It’s a constant game of “how to steal the most money from the sheep” for them and I’d rally from here if I were a wolve like them. It just makes the most sense now as they’ve trapped some early bears here and should have the fuel to march higher from the money tomorrow and Thursday, as well as the stops they’ll take out on the way up from those bears.
Like your blog…think if we hit 1385, we go back over the high of Monday…or do you think the high Monday is the top for quite a while. Also, just found your blog and signed up on email…and was hoping to receive the penny stock.
There is a “possible?” FP on the SPY of 142.53 from 4:23 pm but I don’t trust the prints after the close as they are usually just late fills. But, I thought I’d mention it just in case we do start a rally today.
Hmmm… flat open looks like. That stinks as we don’t really know which direction they will take it today? But, I think it’s still likely that the high put in yesterday was all we’re going to see on the upside for awhile.
So, if we should be looking for bounces to short in my opinion. The short term charts on the ES futures aren’t much help in figuring out the direction at the open. But the whole day still looks like another down day to me.
Therefore, I’ll just be looking for a spot to get short at. We might not get very much of a bounce though, so “picken’s” look slim… if you know what I mean. The overnight low was 141.04 SPY and 1402.23 ES.
Since the charts are mixed we might just drop a little in the morning and then rally back a little throughout the day and have the selloff into the close (or close with a doji and drop at the open Wednesday?).
So don’t jump in too early as they aren’t likely at the point where we just drop every day for multiple days in a row. Early in the sell off they usually whipsaw us bears out our positions before they drop hard. A 50% retracement is possible before moving down again.
SILVER Analysis: http://niftychartsandpatterns.blogspot.in/2012/12/silver-chart-analysis.html
That doesn’t mean I would go long yet… it only means that I don’t think we’re going to get a lot of big selling.
I’ll be getting a new pick out on the “Penny Stock” sometime today. As for the SPX, it’s looking more and more like we have tested the bottom (for this current sell off from yesterday) and should rally tomorrow.
There is $4.25-$5.25 Billion coming into the market Wednesday and Thursday, so more selling is going to be tough for the bears. I’m thinking now that they really do plan on continuing up to that insane 1430-1435 zone before rolling over.
It’s a constant game of “how to steal the most money from the sheep” for them and I’d rally from here if I were a wolve like them. It just makes the most sense now as they’ve trapped some early bears here and should have the fuel to march higher from the money tomorrow and Thursday, as well as the stops they’ll take out on the way up from those bears.
We hit the 141.09 FP on the SPY from 8:05 this morning…..
Red,
Like your blog…think if we hit 1385, we go back over the high of Monday…or do you think the high Monday is the top for quite a while. Also, just found your blog and signed up on email…and was hoping to receive the penny stock.
Thanks
There is a “possible?” FP on the SPY of 142.53 from 4:23 pm but I don’t trust the prints after the close as they are usually just late fills. But, I thought I’d mention it just in case we do start a rally today.
Hmmm… flat open looks like. That stinks as we don’t really know which direction they will take it today? But, I think it’s still likely that the high put in yesterday was all we’re going to see on the upside for awhile.
So, if we should be looking for bounces to short in my opinion. The short term charts on the ES futures aren’t much help in figuring out the direction at the open. But the whole day still looks like another down day to me.
Therefore, I’ll just be looking for a spot to get short at. We might not get very much of a bounce though, so “picken’s” look slim… if you know what I mean. The overnight low was 141.04 SPY and 1402.23 ES.
Since the charts are mixed we might just drop a little in the morning and then rally back a little throughout the day and have the selloff into the close (or close with a doji and drop at the open Wednesday?).
So don’t jump in too early as they aren’t likely at the point where we just drop every day for multiple days in a row. Early in the sell off they usually whipsaw us bears out our positions before they drop hard. A 50% retracement is possible before moving down again.
QQQ Support and resistance levels: http://niftychartsandpatterns.blogspot.in/2012/12/qqq-support-and-resistance-levels.html
S&P 500 Analysis after close: http://niftychartsandpatterns.blogspot.in/2012/12/s-500-reacting-from-golden-ratio.html
Resident Evil? http://seeker401.wordpress.com/2012/11/30/whats-going-on-in-ozark/