4:10 PM
Primary count still a double zig-zag for Minute wave 2. Alternate flat count still a possibility to be aware of (see bottom of post).
3:25 PM
GS broke its trendline. I think the market needs this stock to stay green or it could break.
The stock has some more room to run before testing its Head & Shoulders neckline on the daily chart.
2:20 PM
This is the alternate account I posted yesterday which shows a 3-3-5 flat for Minute wave 2. I still think this is less likely than the double zig-zag count (this pullback being an x-wave), but I think its important to consider all possibilities. If we are in a flat, wave 5 should equal wave 1 (because wave 3 was extended), which provides a target of 1109 for the SPX.
Alternate Count: Minute 2 Flat
Thank you for your always good chars….following them every day.
My question for you no is…. what do you think is likly to happen tomorrow, now that you seen the breakdown in the wedge in GS and INX go lower?
Many thanks!
René
Tomorrow could be an up day, but the market is due to turn at any moment. I plan to add to my shorts on strength tomorrow.
——— HEDGE MY POSITIONS withe some SPY 111 CALLS ———
this seems to be playing out so far.
———- MAY BE OF INTEREST ——- TARP LIST
im short IBOC and RF ….both have not repaid according to this list.
im short ONB and it owes no TARP according to records.
TARP LIST : http://bailout.propublica.org/main/list/index
Richard, where did you enter your RF and IBOC short trades? Are you short underlying or via puts?
i have PUT options MAR and MAY. IBOC i got in at $21.30 i think. was going to add if it spiked. RF i took it in two spots. the 2nd spot was at $6.55 just Monday i think. IBOC 20s RF 6s
SOMETHING INTERESTING IS HAPPENING
think we may see divergence in the market
look at XLY DAILY and use the 20/40 SMA …………… looks like failed
cross being served up here. failed move could be monstrous
look at XLF DAILY … looks more bearish when you consider the indicators.
Financials may stay flat or decline while Retailers etc. FLY.
Hey Craig, you should get a video out once in a while (or at least once).
As we get ready to launch Focal Equity, i think it’ll help a lot to get those users from youtube back to the site!
Idan, now that im feeling better im trying to be more active and make this a bit more exciting. im nailing most my trades so ill keep posting. im still not sure its safe to be a SUPER BEAR. the XLY chart shows strong technicals in a chart that was almost bearish. this could lead to a monster move no?
i made a profitable trade in XLY 30 PUTS . very glad i got out.
This is my 4th trading of recovery market. Started in ’87 buying after the crash.
I can only go by experience and what worked before. in 01 everyone reacted with the
same disbelief as now. We will not have a meaningful correct of 10% or more in the first
2 years of recovery. in the 3rd we will have one, ditto the 4-5th. In the 6th year there is
always a panic and reset.
Play the long side, get the broker to remove the short option from your a/c.
cool, good stuff. craig.