Friday was not positive. The only positivel is that we did not crashed and it looks to me that there was some investment buying. But we remained on the same descending trending line where we are during previous 2 weeks in rangebar chart and closed BELLOW it. I can show picture if you wish. In this chart it looks like another failed break through median line of downtrend channel. Any positive looking breakouts must happen in future UNTIL NOW WE DID NOT SEE ANY. There are some immense powers keeping us in this channel and any attempt crawl out is failed. I do not know what are these powers but until they will keep pushing down the world ending continues. If you want try some bottom picking do not try it above this line by breakout attempts. Until now all failed big. I am sure that the rip up will start bellow it /we are there so it can immediately/ but we will retest it on pullback.
End result over 500 points gain, carefully anticipated 1st trade in 2008, took heat of about 70 points, acceptable risk due to appropriate position sizing, outstanding result if I may say so.
The main thing to remember here is that we continue in a neat and orderly downtrend. One of the best that I have seen and I am delighted. A position trader would not want to willy nilly get short here, but rather wait for a decent bounce. Selling rallies is all I am doing for the moment.
Hi Romik Abramovich Glad to hear you're doing well, I had a look at the monthly chart, its easy to forget its importance.
the 200 day is a good place to wait for a swing ...to place positions on.. look at the previous decline how many times it touches it and then sells off. So anyone who is short, should cover and wait for another attempt. and remember the supply used to break the market needs to be recycled, and made available for further control in the future.
in contrast.. look at the present, where the MA is.. as the market consolidates in a 20% range, the MA will move down during the consolidation.
http://nl.youtube.com/watch?v=_dmPchuXIXQ zeitgeist.. reinflation... as assets are bought pennies on the dollar. A new ponzi scheme....
ES at 930 is more than 90 points above Friday's low Could be 125 points and more by start of regular session Monday 13th - Black Monday for who, bears or bulls?