Tom The market continues to play head games with the news and continues to swing around in both directions. We are still clinging onto support, but I have to go with the short side of the market now, especially if we close weak today. The market keeps bouncing up and down and changes bullish scenarios to … Read more
The sp500 is looking quite bullish as we go into the end of month and end of quarter window dressing time frame. It is looking like ‘they’ will squeeze this market right up into the end of quarter. Depending on how high they squeeze it, we could see some dramatic improvement on the longer term … Read more
The bearishness in the market today was completely rejected. I am switching to BOT long signal on sp500 at the open tomorrow. I have re evaluated the price charts and am coming to the conclusion that the mini bear may be over for now. I am starting to consider the possibility that the market may … Read more
Look at the picture below, this is what this market feels like right now to me (photo from the American Ninja Stock Market Warrior Series). I feel like we are hanging right on the edge of a very steep cliff right now. There is a Pesavento index day on Monday which can lead to accelerated … Read more
The market sold off hard today but is still above the August 9, 2011 swing low. I suspect that tomorrow we may get a a modest bounce or an inside trading day but then maybe weakness again near the end of the day. At this time I do not believe the August 9, 2011 swing … Read more
Today’s action was the clincher. The charts up until 2:15pm today were lined up for a big drop and that is exactly what happened irrespective of the Fed nonsense. I understand trader’s fear of the Fed and not to fight the Fed, but the charts today were so nicely lined up for a drop, and … Read more
Since this mini – bear has started in late July the stochastic short term trading indicator has issued three very reliable sell signals and led to major downside price action in the sp500. The stochastic has been good so far as a sell signal after it has traded ABOVE the 80 percentile line and then … Read more
I have to switch back to a BOT short signal today. I see a triple M pattern on the MACD histogram and a similar pattern to that which existed before I issued the massive BOT short signal way back in late July 2011. The MACD histogram sell signal is not confirmed yet however. I am … Read more
The sp500 is still trading within a very large trading range. It is looking like we are headed on a clear path to 1230 or so for a test of those swing highs. The 1230 is right at the top of the current large trading range. So it seems like it is too late for … Read more
I am switching to BOT Neutral now until I get a more clear picture about the true direction of this market. I can make a 1 month bullish case for the market, but I can also make a 1 month bearish case. Plus tomorrow is option expiration and next week the much awaited Fed meeting. … Read more