A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection
SPXBullish thrusting day. Still far below 1110.02 (fibo .09) Midpoint submerged below 10 SMA. Back above the 233 SMA (1079.31). Also back above the 1.618 fibo (using low) of 1078.87. No daily 3LB changes (reversal is 1165.87). Trending down on the daily 3LB. Made new weekly low (confirming reversal) and is below the monthly 3LB reversal price. QE2infinity.
DXYBullish short day. Midpoint above 10 SMA (barely). The 85.11 (fibo .1459) is holding (91.80 is next). Back below the 76.4% retrace. Weekly chart is bearish thrusting. No daily 3LB changes.
VIXBearish engulfing day. Fear of the truth of how bad it really is. Closed back below the 38.2% retrace. No daily 3LB changes (reversal is 24.91). Trading well above the monthly 3LB reversal (24.51).
GOLDSpinning top day (again). Still below the 21 SMA. Midpoint below 10 SMA. "Ring ring. Hello? This is your margin call. Sell whatever you have to...again." To hell with fiat! (Gold's rally cry). New low on daily 3LB with reversal still 1220.30.
EURUSDDoji day. Guess they're unsure about the BS also. Midpoint above the 10 SMA. Fibo level of 1.2935 is history. Up next is 1.1571 (the .236 fibo level). Don't be fooled. It still has problems. Still below trendline (11/27/09-3/17/10). No daily 3LB changes.
JNKBullish engulfing day. But it didn't close the gap. Now above the 14.6% retrace but still below the 233 SMA. Midpoint below 10 SMA (downtrend). No daily 3LB changes (reversal is 39.38).
GSBullish long day. Midpoint below the 10 SMA. Still below the 2.058 fibo (using low) of 144.98. Looking to test the 1.618 fibo (using low) of 124.12 (oh yeah it's coming). Note: All MA's are still pointing down. No daily 3LB changes (reversal is 142.32).
WTIBullish harami day. Midpoint below 10 SMA. Closed above 23.6% retrace. No daily 3LB changes (reversal is 71.61).
19 comments:
@Amen
You answered my question from the other thread with this wrap...
Thanks... Have a cold beer! :-)
To show my appreciation, I'm DOUBLING your salary next week!
Ra,
thanks so much for the wrap man.
RR had this to say in his letter today:
I've been computing my PTI on a daily basis since the early 1960s. In 50 YEARS THIS IS THE MOST DECISIVE TOP (chart below) I can ever remember.
McF Who is RR? did you mean RP?
Thanks Ra-Man
Richard Russell Nic.
I do read other people besides Prechter, hard as that may be to believe.
Prechter is my market hero though.
He's also got a P&F of the DOW
Target: 8,600
I'm not a huge fan of P&F's but when they work they are typically quite accurate.
This would match EWI's call for the end of intermediate wave 1. A large wave 2 would follow with all our typical retracement levels.
Nic,
Just read the posts at your blog, gotta love when people get on you for taking profits. Last I checked that never put anyone into the poor house.
I got a lot of similar comments on AAPL, as one of many examples.
Funny that Cramer is calling the ramp into the close BS. I figured he'd be all for it and how bullish the market looks.
Normally with 3LB the weekly would trend before you would break the monthly reversal price. Thanks to the "flash crash" certain moves have been accelerated.
CV
I don't care if the month closes at 1095.62. It's still a reversal :o)
Also what was the deal with the rumor that GS had settled with the SEC?
I'm seeing nothing now. I cannot see how this can't be the end of a 2. I'm seeing a solid A-B-C from 1055 with a 5-3-5 for A and 5 waves up for C on the 2 minutes.
HOwever, if we break 1095.09 I'll be selling out because I can't see any other count that works. Anyone care to enlighten me?
i'm livid! Chop AR's salary in half! no $wtic chart..
did LB ever show up when i left?
No LB :(
McF - Doug Kass was on fast money tonight:
http://www.cnbc.com/id/15840232?video=1500618765&play=1
Karen
Leave my salary alone. Now refresh the page :o)
Enjoy the weekend.
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