The market looks strong, though there were a few flaws in Thursday’s trading:
- Volume picked up as stocks fell after the long-bond auction went badly at 1pm.
- NASDAQ breadth deteriorated rapidly into the close.
- The market-leading banking sector closed in the red with the BKX banking index making a 9/36/15 cross-down at 3:30pm.
So, keep an eye on the banks today. The market is unlikely to move much higher unless they turn around.
bkx closing below 45 means trouble
SCOTTY……..fyi…..your problem was with your ROTATOR cuff
STRING…why in the world would you see a chiropractor for anything???maybe as a last resort before surgery but i would rather take my chances with a voodoo doctor
STRING…i hope he is not treating your neck…patients have had stokes from neck manipulation due to vertebral artery tears…some have died
FROM DANERIC BLOG……just what i said yesterday ” So both Gold and the Dollar are getting a lot of airtime in the general media. And these are indicative of possible major tops (and bottoms). Like I said, I am just waiting for the perfect magazine cover or 60 minutes special on the doom of the dollar and why gold will go to $2000/oz or something.”
this is what i was referring to as doomsday down not totally DEAD http://content.screencast.com/users/Ed638/folders/Jing/media/128d2f10-2126-4967-9f63-b62e2661d5d1/2009-10-08_0924.png
Yerk Says:
October 2nd, 2009 at 5:21 am
Someone has to be the jester to entertain the audience: New highs within the next two weeks. And yes this retracement is part of the plan – but we should not implode for much longer
So one week later the jester got within a mere 12pts on the dax… Will belligrent, unpatriotic stock operators dare to crash the market on such a day of appeasement?
so the 5 waves up you see at the right…is it wave 1 of 5..ie pullback coming that holds above 1019.95 for wave 2 then rockets above 1080 in 3 of 5…or DOOMSDAY DOWN AHEAD….as ED HART of FNN used to say….”We shall know in the fullness of time”
nice our trade balance improved by $2bill
Phil
The xray report from the MD I saw states my spine is midly, diffusely degenerated. Slight endplate sclerosis. Spondylosis and Facet arthrosis, limited but greater on the left. Gave me a muscle relaxer and NSAID. They did nothing, so he sent me some Darvocet. It helps a little, but nothing keeps my back from Spasm right after I get out of the bed. Setting is next to impossible because it puts pressure on the same nerve the back is pinching I guess. Bottom line I am in constant pain and maybe 30 minutes a day I am in intense pain.
String
Good calls Phil and Yerk. And the Guru on USD move.
string….i am assuming they have done a ct and /or MRI of the spine and there is no evidence of bulging or herniated discs…correct??
Phil
MRI is scheduled for Monday.
String
String,
Very sorry to hear about your back problems.
All of us here hope and pray that you have a
full recovery.
K,
Thanks for the kind words. Hope you will manage
my campaign.
Australia’s govt. protects the people in Australia.
The U.S. govt. protects the big corporations. In
Australia you have a choice. You can vote or not
vote and pay a fine. Australia also has a workers
bill of rights. The U.S. needs one…item 1- if a
worker’s job is sent outside of U.S., he or she
will receive the same golden parachute the CEO
would receive.
Am off to my current day job. Good trading all.
Good Luck Julie.
Stringm,
Best wishes for a speedy fix and recovery for your back. IMHO, that’s one of the worst places to have a problem as it is use for all body motions, even picking up a fork.
Phil was thee ole rotor cuff
Sorry to hear that Stringm,I should condider myself lucky
DEC DOLLAR future made new spike low yest …further strength today would be first baby step toward reversal
scotty….????
Phil, I read an article that seemed to say that a CT scan was the “gold standard” and added a clearer confirmation for the facet arthrosis. A full and competent diagnosis is required for full and competent treatment.
Re: Phil – Daneric outdid himself with this one:
http://danericselliottwaves.blogspot.com/2009/10/its-going-to-come-unglued.html?dsq=19660485#comment-19660485
mitch..yes …ct is better for definition of bony structure…i concur with your assessment, my illustrious colleague
phil, I want this one done right.
If I quit buying BBT maybe the market would go down. Nah, I’m just a little fish in this ocean.
BBT trying to break intraday double tops after “V” bottom. I’ll goose it some.
I have to cut out early today to go to D.C. and see a Green Home show. It’s all about getting off the grid (mostly) at an affordable price. I plan to do that when I build my next home.
I’ll say “hi” to Obama for ya.
GEORGE…..i used to live in dc RESERVOIR RD….near GEORGE TOWN.. get it ????????.have fun
S&P’s consolidating for a move to 1100 next week?
ready guys?
rolling down my sleeves
roll your sleeves up!
UUP!!
no scotty, down down down! rolling em down so i can pull another trick
CNBC sez Prechter is calling a bottom in the dollar. Maybe this call will work out better than his August 11th call.
TBT WOW
well everyone has to be right someday
Apparently, last night, Bernanke said that he will sneak in a reverse repo here and there “just to see” how it goes. That means he will, in effect, be dumping bonds on the market, which would explain the move in TBT.
I’ll bet that he’s feeling pressure from the Australian central bank, not to mention four-digit gold.
yup saw it this morning hence why i liked the euro short.
how long will it last is another question
http://www.businessinsider.com/bernanke-teams-with-asian-banks-to-rescue-the-cratering-dollar-2009-10
phil,
I get it… ha. I’ll be staying in Northern Va. Loudon county out in the boonies.
Matt, I was noticing how TNX is up +1.21. Bernake forcing a dis-connect.
bearish rising wedge in russel 2000
never heard of XBD but another bearish wedge there.
The market is going up to take a look at the moon bomb crater.
http://1.bp.blogspot.com/_KG80QXSP9Qw/Ss86QZR-HDI/AAAAAAAAB0A/D9Hls1ie7KM/s1600-h/fig+x.jpg
bomb crater failed miserably in terms of animation expectations. I guess nasa thought if stocks were that high the impact would be high.
euro bouncing off of 1.4704 61.8% fib on the hourly but once it closes below that for an HR well let’s just say the market will love sliding downhill
SPY wedge on 5 and 15min, esp on 15min could break either way.
The Q’s have been working on a bull-flag pattern all day. If it completes, it doesn’t look like it will have the juice to take out the September top. It would have to make a longer-than-normal extension just to test the top. So far, K’s magic trick is holding back the XME, and consequently the market can’t break out. On the other hand, the SMH is the leading sector, so the market is also unlikely to break down unless the SMH reverses.
SPY’s price is sitting on the lower trendline of that wedge on 15min. Jumped up from it like a hot potato.
Heh, you can tell that is program trading hitting those trendlines, just like the stochastic hitting 20, always a bounce to some degree.
That is, 20 on the bottom of the stochastic and 80 on the top always gets some sort of reaction even if it continues in the same direction.
SPY price still respecting that lower trendline on the 15min.
1071 we on our way to 1100?
Yep, that breakout was nice.
The QQQQ bull-flag that I mentioned at 2:07pm, was only able to make a 50% extension, so that was sort-of weak. However, it certainly can complete the flag on Monday.
New York Times reports FHA in trouble. I’m on iPhone so I don’t have a link.