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Cancelling Yesterday’s BOT Short Signal

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I am cancelling yesterday’s BOT Short Signal.  There is a chance the market may still form a cup and handle pattern that it could break out of and then eventually move higher.  There is also something that looks like a small head and shoulders on the SPY going all the way back to late May. … Read more

A Possible 100lb Gorilla Trade is Developing

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There is a possible 100lb Gorilla type trade developing quite soon.  I have been researching it the past few days and am trying to assemble the information in a coherent manner so that it can be presented properly. This could turn out to be a huge position type trade.  The trade is highly liquid and … Read more

The Untold Sp500 Story

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There is a somewhat untold sp500 story that I would like to talk about in this post.  It has to do with the recent correction we appear to have recently completed relative to the price advance that began on 9/3/2010.

We hit two significant price swing lows in recent months on the sp500.  One of them was the March 16, 2011 low of 1249.05 and then there was a follow on higher low of 1258.07 on June 16, 2011.  Both of these swing lows were within the 38.2% Fibonacci retracement zone (pretty close to it) relative to the advance from 9/3/2010.

So once again we see that the sp500 was not able to do more than a 38.2% retracement of the entire mega rally that began on 9/3/2010.  This is an important fact and points once again to the internal strength and momentum strength of the sp500.

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