The sp500 has once again printed today another indecision candlestick, a long legged doji. We now have quite a large cluster of these indecision doji’s and other candlesticks that so far are only really saying that we have reached a pause in the up trend that began in early September 2010. At this point I … Read more
At Mid Day the sp500 is trading flat showing nothing dramatic or shocking. It appears that this will continue to be the case by the end of day today. Sometimes I have written posts half way through the market trading day and then by end of day the exact opposite occurs to what I was … Read more
I am starting to think somewhat differently on the US Dollar Index. I was talking about the potential for a nice upside surge in the US Dollar in some previous posts because the Dollar found itself at the base portion of a large symmetrical triangle. So far the Dollar has found some support and has … Read more
The sp500 today did not confirm yesterday’s potentially bearish hanging man candlestick (sigh). Instead the bear forces which almost seem non existent as of late were not even able to print a lower low compared to yesterday’s low. There is now only one trading day left in October 2010 or 6.5 hours of trading which … Read more
I really like Mr. TopStep’s take on the market. I couldn’t have said it better myself. I find myself agreeing with everything he said in the video. I found the following utterance, “Maybe they are not going to do it” quite interesting. Apparently Dennis Gartmann was talking about this in his letter. That is an … Read more
Today the sp500 printed what looks like a perfect hanging man candlestick. Since the entire rally starting in early September 2010 I have not seen such a perfect hanging man candle. It is called a ‘hanging man’ candlestick because that is exactly what it looks like, a man hanging with his legs dangling. Today’s hanging … Read more
The IWM ETF is signaling to me that the top is officially ‘IN’. I don’t know why I did not notice this before, but I am glad I have noticed it now. This volume sell signal in the IWM ETF has just rocketed my confidence in the short side of the market with only 3 … Read more
The next 3 trading days or roughly 20 trading hours are going to be interesting to observe. My observation of the daily candlesticks of the last few days says that the market appears to be slowing in upward momentum with some signs of supply coming into the market or at the very least ‘pausing action’. … Read more
It probably would have been a better idea for me to switch to neutral this morning instead of long. Neutral makes a lot more sense given today’s close. It was a quick decision before I had much time to review my charts enough and it was not a decision based on the close today. Lesson … Read more
The attempts at looking for weakness in the stock market are not working. I am switching back to Long signal as of the current price in the sp500 which is 1194 as I write. I expect the market to ‘drip’ higher into the end of October and then expect to see some selling in the … Read more