Tom Well I was clearly wrong about anticipating some type of drop in the market from the supposed rising wedge formation. This market wants to go up and possibly on a longer term basis. So to keep things simple lets just say that I am staying on a BOT long signal above 1250 on the sp500. … Read more
There exists several possible hanging man candlesticks on several indices as of the close today. The nasdaq composite in particular has a very potentially bearish looking hanging man candlestick. It also has a red real body. Hanging man candlesticks are points in the market that offer potential turning points however they are not bearish until … Read more
The current juncture in the market really does look like a great shorting opportunity to me right now. Perhaps one of the best ones since the August 2011 plunge. We have the sp500 moving upward in a rising wedge fashion and now we are getting a tease under the wedge. The market is likely still … Read more
I have to try a BOT short signal at this juncture. Why? The reason why is that in 2 days, October 28th, 2011, we find ourselves at the date of the end of the Mayan calendar. This is/was a 16 billion year calendar that supposedly started when life first began on earth. So here we … Read more
The market evaded any near term bearish signal yesterday and is now set up to tread higher above 1230. There exists the extraordinary possibility that the market may turn the previously potential bearish monthly MACD histogram setup into a bullish one. That would occur if we see November and December 2011 closes higher as up … Read more
I have to go with the BOT Short signal now in the sp500. The sp500 needs to get and stay above 1230 for me to say the bulls are ‘out of the woods’. We could still be in a minor correction under that range and then bust above it later, but for now I have … Read more
The tape action in the short term is looking very bullish to me. I made a case a some time ago that there could still be a strong bullish case for the markets. This continues to appear to be the case and now appears to be the favored scenario. It could very well be that … Read more
We have had a huge huge move from the early October 2011 lows. We have come too far too fast and are due for a t least a one day pull back or a decline into end of this week to consolidate some of the gains. The ultimate accomplishment for the sp500 is to be … Read more
The sp500 in the recent several days has staged a large rally. Friday’s move was more of a consolidation doji and in my view was constructive relative to previous moves at channel resistance. Considering the large previous 3 day rally we had and the fact that Friday’s move barely gave any of it back, I … Read more
I really wonder if tomorrow we will see a limit down day to end the quarter on the sp500. Perhaps it is wishful thinking, perhaps not, but this market appears to be on weak foundations and I suspect these endless end of day rallies are orchestrated by the big players so that they can unload … Read more