"We're back!!!"
Looks like the post and comments from yesterday are lost. So be it.
Today will be an open thread as the market is trying to sell off.
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18 comments:
The DXY is on a tear and the EURUSD is getting smashed. What happened?
Maybe someone realized that the US broke through the debt ceiling and are technically in default...
ra -
exceeding debt ceiling and default, two different things?
debt ceiling = i maxed out my credit card/lines
default = i don't pay my creditors
72bat
Any money/credit issued after the breach might not be guaranteed. It can happen. I don't really know. But the fact that we should be above the "Total Debt Subject To Limit" is what unnerves me.
If this continues then the dark cloud cover on the weekly SPX will be confirmed.
Ahhhh....the world is back to normal. Drat blogger.
Don't you think congress will just raise the debt ceiling this weekend?
Google really messed that one up....
How does Blogger go down for a day?
Andy T
It was due to maintenance issues...
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Jennifer
If they do it won't happen until the Asia markets are about to open.
carving out a triangle on the 60 min S&P 500....if it resolves itself to the downside, it should be "lights out" for the s&p. all those guys on the "inverse h&s" breakout will get crushed.
AT,
Neely seems to be looking for a panic sell-off, that might be good to complete your X wave
at this point in time I'm thinking if it comes I'll be buying that dip pretty hard.
Ben22:
Yeah, for sure. A strong move down wud complete an x-wave and be a buying oppty. When it's trading 1250 looking for a reasonable bid and BR. Explains that he's all in cash...
The lower trend line from 3/6/09-7/1/10 will be crossing around 1335 next week. Ruh roh?
AR -- thanks for pointing that out!
Ra,
I worked on the XOM chart some last night
on the log chart there is solid trendline that starts around 74' and has a lot of touches including the 87 bottom and the 08/09 bottom.....it is right on this trendline right now.
If one were to consider the last major impulse wave from 74 or 75 to 2000 which included some sort of extended fifth wave in the 90's I think it paints the XOM trendline and it's importance in an interesting light.
ben22
One of these days I'll sign up historical data. Right now I can go back 15 years. On that note XOM had a weekly 3LB reversal last week and confirmed it this week. The monthly 3LB mid is 76.97 which is the line of worry for XOM.
Ra,
I'll link the chart up here for some criticism over the weekend, would like to see what others think
if it can hold this trendline I'm bullish XOM
ben22
Ok. I'll add it to the weekend thread.
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