yeah so i was right, options are pricing in a 75% move in the sp500 (if vix is 75) OR 75%/ root 12 = 20.20% move in the next 30 days
Did Vic offer you the opportunity to get a premarket massage from the girls? Government intervention, and continuing intervention, has basically destroyed any chartists' theories. Fundamentals seem to support a weakening market for at least 12 months , but to determine the degree of weakness is beyond anybody's guess.
My christmas list; 1. trader vic daily 2B here at the bottom (low ~780 ES) 2. symmetric tri downside breakout failure 3. Rally until end of year come on market! I'm averaging down this nonsense.
My calculations of the market keys per Livermore says that the downtrend for both Dow and Sp500 (but not for Nasdaq, Nik225 or HangSeng Index) is over.
This chart is from Tim Knight and not one of my own. Im not the only one seeing this. However, price could easily turn the other way and move up through the triangle. These triangles are usually continuation patterns. I wouldnt make any attempts to look at fundamentals or bailouts or whatever. You simply do not know what effect those might have or if they will have an effect. My experience tells me that price is like a big tide. It usually moves in one direction and gets to where it will go until it hits that large concrete storm wall. Price hasnt hit that wall yet and we have one more leg down is my gut feeling.