Show me an online quote on EXACTLY what security you think you are selling with this recommendation. Show me the price as of Monday open and Monday close.
SPY finally closed down today...it was something of a reversal bar (went higher but closed lower). What makes it significant is that it occurred on the largest volume we've seen this month for the SPY. Also, some are still watching a long-term head-and-shoulder for the S&P 500: Left shoulder: 1150 in January Head: 1220 in April ?? Right Shoulder: topped out just under 1150 today. We've also had weak volume on the right side which supposedly makes a H&S more reliable. No predictions here. Do your due diligence and all that. Just some observations. At the least, it could mark a short-to-intermediate term top. We're "overbought" by every stretch of the word and market sentiment is at frothy Oct' 07 and April 2010 levels...
Looks like an interesting start for the morning. EURUSD rallying hard on Fed's "kill the dollar" approach, but stock futures down a little bit. Maybe the Euro will diverge from stocks...at least for a bit.
agree, the rejection post-fed was certainly a tell. but i dont have faith in my technicals anymore. at a certain point the artificial pressures/manipulations overwhelm them and i dont have much faith.
Well I've made my living from technicals so I have to have faith. Looks like a top was put in yesterday @ 1148.6. Obviously the S&P is now a 3 to 1 favorite to see 1200 before 1000. But i'll take those 3 to 1 odds and still say that it hits 1000 before 1200.