well, Shortie, we have been waiting patiently for 1050. And now it has arrived. So if we dip below todays low, what was it? 1044 maybe. Then we have to revisit the prior low because there is nothing but a giant sucking sound below. In the meantime I'd like to think we get to hang out around 1050-70 for at least a day or two, but sadly all the news is bad, and threatens to be bad tomorrow also. My gut feeling is that overnight ES will climb, but I am not going to be long here, I am going to have a cocktail instead. Good trading everyone. (Still anticipating a strange Fall rally, as per getting lucky's chart, once we are done with selling. If we don't get it, then it will be an uncharacteristic market recognition of reality.)
I made a post in a response in a journal thread. What do you guys thing of the USD/JPY? The Japanese put on that pair is worthless.
Counting from today's bottom of 1044 on spy index, are we at most less than 2% from the bottom? This selloff sounds like a trap for bears thinking of more than 2% in next two trading days.
BOUNCE? Of course.....somewhere...but is it a shorting opportunity? That is the true question. "Equity trading activity this August is on pace to be the slowest since 1999, according to Bespoke Investment Group. " according to the pundits on Wallstreet. Humm, the idiots who are the masses in the Financial World still can't say Depression. They still make up excuses as to why the Economy and Markets are reversing after a small hell marry run. When the WALLSTREET journal declares DEPRESSION....BUY LIKE CRAZY!
thats it, the double bottom is here and now the SPX goes to 1200 just like that, wow. I guess all those fools yelling 1200 by year end are right, hahahaha.
Yer kan joek ell yer wands, bud yer kannaught iggynore ell ze bebo owt dere shcreamin', 'ze skye izz phallin!' Henz, ze boddom izz een!
Demark sequential buy countdown could complete the 13th count on the SPY today on the daily. Not that it means anything by itself if no one follows it, but all those Bloomberg terminals showing the count down may mean something to the traders and the shorts may start to cover and possibly a market turn in a few days. GLD, on the other hand is doing a sell countdown, but probably not for another two weeks.