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Creditcane: You want the truth! You can't handle the truth! aka I'm back!!!
SPXBearish short day. Finally gave up 1110. Well above the SMA(21). Tested and held the SMA(233). Midpoint above EMA(10). Back below the weekly 3LB reversal price (1110.88). Also couldn't hold the trendline (3/6/09-5/25/10). No daily 3LB changes (reversal is 1064.88). QE2infinity.
DXYSpinning top day again. Midpoint below EMA(10). Tested and failed the SMA(144). The 85.11 (fibo .1459) has been violated. Below the 61.8% retrace and tested the 50% retrace (passed). No daily 3LB changes (reversal is 82.56).
VIXSpinning top day. Fought back from earlier low (long tail). Midpoint below EMA(10). Still below weekly 3LB mid and monthly 3LB mid. "Fear is here so don't get fooled on market pumps. Repeat ad nauseam. Arrghh!" Still below the SMA(89) but back above SMA(144). Daily 3LB reversal up (reversal now 22.73).
GOLDBullish harami day. Below the SMA(21), the SMA(89). Tested but held the SMA(144) again. Midpoint below EMA(10). "To hell with fiat! Say it again! I'm gold and I'm proud!". Still below 14.6% retrace. No daily 3LB changes (reversal is 1195.10).
EURUSDSpinning top day. Midpoint above the EMA(10). Still above the SMA(89). Above 1.2935 (fib .1459). Still above the trendline (11/27/09-3/17/10). No daily 3LB changes (reversal is 1.2895).
JNKBullish short day. Tested and failed the 76.4% retrace again. Still above the SMA(89) and the SMA(144). Midpoint above EMA(10). No daily 3LB changes (reversal is 36.43).
GSSpinning top day. No test of SMA(89). Still below 147.91 (fib .236) again 2x. Midpoint above the EMA(10). Still above 144.98 (fib 2.058 from low). The 1.618 fibo (using low) of 124.12 is waiting patiently. No daily 3LB changes (reversal is 140.25).
10YR YIELDBearish long day. Tested and failed the 14.6% retrace. Running towards the 0.0% retrace at 28.83. Midpoint above EMA(10). Still above the SMA(21). No daily 3LB changes (reversal is 31.14).
DJ TRANS AVGBearish short day. Confirmed bearish harami. Still trading above all SMA's. Midpoint above EMA(10). No daily 3LB changes (reversal is 4247.00).
LUMBERBullish very short day. Still below the SMA(21). Back below the weekly 3LB mid. Midpoint below EMA(10). No daily 3LB changes (reversal is 194.60).
7 comments:
At least EWI is off the third wave has started now mantra and is forecasting alternatives. I hope Hochberg learned something from the last few weeks - I know I did.
DL:
Finally finished with a few pics on the blog. Going to damage some brain cells and watch a little boob tube. See you guys in the morning.
@McHappy
Says DAN:
"On opening today the CPC spiked down to .44 such was the conviction that the bullish-looking triangle created yesterday was going to break big upside. But it didn't. Everyone is waiting for that final upside (or if your really bullish, waiting for big upside). Sometimes we have a habit of pushing for that last squiggle wave that never comes (up or down). I am usually guilty."
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CV often makes the same error... The only difference is that I make the error on the BOTTOM END of the waves...
I've been skeptical of this major rocket blast up for the past week now (and have spent many electrons expressing that thought)...
Since January, the money to be made is in the middle MEAT of larger waves (not way out nibbling at the bones and waiting for blowouts and extensions)...
Of course, that may change... And I'm actually slightly positive for 2010... But I've sure missed the chance of making a lot of money this year because I was either TOO PICKY at the ends, or TOO CONSERVATIVE at the middle...
Make no mistake about it...
1065 is the EPICENTER of this whole ordeal right now...
1065-55 = 1010
1065+55 = 1120
That's the only rubber band that's PAYING right now...
Macro economic data is WTE and yet the market keeps edging higher on little volume. Enough to make one sit tight and wait before pulling the trigger on shorts. Bah humbug.
Thanks, fellas, for the post and comments.. every day seems to be more exhausting than the preceding. I just noticed this marketwatch headline: Symantec shares down 8% late after security-software maker's forecast disappoints
NEW THREAD UP
CV is irritated... But this post diffused some of it :-)...
B in T @ 8:15
They say a picture's worth 1000 words.
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