For the bulls: The market has gone sideways since December 24th when it hit an extreme overbought condition on the McClellan Oscillator. That type of consolidation is almost always a bullish indicator.
For the bears: DIA has eked-out new highs, but it’s not exactly breaking out of its range. Exxon has stabilized, but is down below its 200-day moving average, which is not supposed to happen in a bull market. And if it is making a bear-flag on its daily chart, then the Dow has a serious problem.
http://1.bp.blogspot.com/_V7Pddp58Py0/SyUZrkcjY-I/AAAAAAAACo8/P08A708FH4M/s640/spx+week+22.png
Happy New Year!!! everyone.
I’ve ordered Brinks trucks for
everyone on the BLOG…hope
2010 is your best year ever.
K,
You’re right. The SPX is overdue its
normal 90-100 point correction.
Happy New Year everyone!
Don’t start the correction yet – no trading in Germany today.
Junglegirl, nice that you’re back. 10238 the line in the sand, 10710 and 11004 upside targets.
Futures Prices
Market Last Change %
Crude Oil 79.28 0.00 0.00
Natural Gas 5.779 +0.07 +1.23
Corn 413.75 -3.25 -0.79
Soybeans 1044.5 -2.5 -0.24
30yr Bond 115.53125 -0.34375 -0.30
10yr Note 115.84375 +0.1875 +0.16
NY Gold 1105.1 +12.6 +1.15
NY Silver 17.035 +0.233 +1.39
Emini S&P 1124.75 +2.75 +0.25
Emini Nasdaq 1878.75 +2.00 +0.11
Emini Dow 105 +1 +0.01
K,
Thanks for the “window” primer.
I’ll be doing a little tax loss buying this morning.
I’m probably not the only one so that may add some upward bias today.
Julie,
Thanks for the Brinks trucks. I’ll take a fleet!
Here’s a look at SPY’s 5min. The long uptrend line was broken. There is resistance immediately ahead and support is not far away either. Will respect a break either way. The last one (break down) worked great.
http://i49.tinypic.com/k2gw8w.jpg
For all of the celestial watchers (or whatever), today is a Blue Moon day.
SPY gap filled.
SPY resting on the lower trendline I posted on the 5min.
Bear count: 1130 was the high, yesterday finished the first 5 down around 11:30 a.m., then we had an ABC which completed early this morning at 1127.64. Now having another 5 wave down.
Hi Yerk!
add more TLT @ 89.21, avg cost now 90.26
Happy new year to all!! It has been an amazing year in this blog!
Julie, correction is overdue but when I make a toast tonight I will hope for a more rational 2010!!
800+ news articles and counting since my boycott!! I know you guys can’t wait till I start again.
Usually I’d pull 10 out of 800 hehe
And everyone knows the bull count: this 5 down could be C of [iv]. In that event, one more 5 wave structure up.
The bear count would have a truncated 5th for the first 5 down.
AFTER…..keep some powdwer dry……87.50 is almost inevitable
powder
K,
The market is giving signs that multi-month
major wave B is coming to an end, and that
multi-month major wave C down is getting
ready to start. It will take the SPX into the
400 area if Junglegirl can keep her equipment
operating. I’ve never known a case before where
the financial health of so many depends on
one person—Junglegirl.
/ES futures just bounced off S1 at 1117
Pivot is 1119.75
George,
A fleet of Brinks trucks are on their way to
you. Spend some of it on your wife.
Yes!!! and she is back in a timely fashion!!!!!!!!!!!
Thank you sa Santa nta for fixin’ her up!!!
Julie,
Will do… I got her a Mac Pro for Christmas with all the trimmings. She’s a happy camper. 500GB drive, too.
filled a June 84 put on SPY for my last $100 spent for this year
Make those trucks long-bed extra capacity type.
George,
You got it.
I unloaded all my loser Short etf’s will load em up in a few days
need my tax break you know?
K,
I think ETF’s have the same rules as stocks.
If you take a tax loss on them, you cannot buy
the same ones that you took the tax loss on
for 31 days.
i sold SRS and TZA
I guess I’ll buy SDS then LOL
Julie… too funny! Have to watch my back now, I guess.
Phil, what happens if/when 87.50 on tlt ? bottom or just a trade ?
tlt nearly hit 90 a few moments ago, just pulled back a tad…
last trade 89.91
what is this rebound from this morning about ?
Happy New Year Everyone, I’m new here but you guys definitely make it happen!! Rock On!!
Yeah, Sam, Happy New Year to you and everyone!
happy new year, all !!!
Might not be a happy new year for SPY… It has fallen below its December 24th gap, and the Santa Claus rally is starting to look like a false breakout from the infinite rectangle.
Year-end clearance sale.
I guess that bearish engulfing wasn’t a Miff’ed Market Myth.
hahahahahaahahahah YAY !!! what a red day LOVE MY 84 June put!