3:24pm
Market remains incredibly strong, especially the SPY at this point. There is no reason to short the market right now, don’t try and call a top. Keep it coming, play long on oversold stocks and hope that the S&P hits 1250 (next strong resistance). I would only get worried going long if we have a reversal day.
12:38pm
Did NFLX blow yesterday? possible… it’s okay to try and take a short if you have a very tight stop (less than 1%).
12:45am
Today is an incredibly important day. Not only do we have the jobs number coming out today, and tomorrow (for november) and home sales inforation but we also have the ECB’s announcement in the next few hours. Today and Friday will be the days that set the trend for the markets.
Here is the Fibonacci retracements for GS, and it looks like GS is following these support/resistance lines to the tee. Trade long above support, and short when support breaks, etc..
SPY closed very very bullish into close and still rising. Maybe a sign of things to come?
Ive been net short since 119.20. and Im taking huge loss and going long. If market opens down, you can thank me.
Idan,
Any consideration of DXY sitting right on the neckline of a massive H&S pattern on the daily charts? I think if it breaks down again from here, there lots of open space. H&S target is 71, which seems incredible.
71 Idan? 52 week low is 74.33
If it goes to 71 SPX will ram 1300 that would be incredible!
Just look at the daily chart, it’s a big pattern — or else tell me what’s wrong with calling it a H&S:
LS – 3/18 to 4/13
H – 4/13 to 8/6 — price move id 9-10 points here
RS – 8/6 to 9/21
We broke down after that but have since retested and broken back above the neck. We sit there tonight.
head moved more like 8-9 points, sorry.
Please realize I am NOT saying it will go to 71. I understand the implication and realize the US would be in a world of shit at those levels.
Besides the H&S DXY may have also just completed a nice ABC correction off the bottom. This suggests a potential continuation of the previous 5-wave downtrend. DXY target gets fairly low in that instance, too.
Personally, I think these targets are madness, just what charts are suggesting longer term.
Well TBH with you upon looking a little further back like into 2008 it did hit the 71 level. I agree with you that the current 2010 chart is one gigantic H&S with a break below the neck mid September and then strong comeback just up to last week. I still maintain after analysis of chart that IF DXY falls to 2008 low then we will most definitely need a QE#3 and more. Problem is if we need anymore QE’s color this country bankrupt.
for some reason i can’t get that chart up.. i’m really sorry.. dsavill any more thoughts specifically on the chart?
anyone know what is wrong with MCP….was the darling of stocks a couple weeks ago..I know they missed earnings..any thoughts? Idan? Woo? I am thinking it might be headed for 27
or even 26
scratch that last one fibs have it going to a possible 23
Idan and Woo checked out after they got their @$$e$ handed to them over the last few days. A lot of guys follow Woo and he was confident we were headed to 1140…major lube needed for those followers cause they took it hard!!! Wave 4′s dont retrace more than 23-38%…1173 was 30%, 1156 was 38% so that was absolute max.
I wasn’t short, i wasn’t long either… i checked out cuz i’m flying to paris (a few meetings in europe) + Ski
Sorry just meant you checked out. Woo was the one recommending puts at 1180.