If the market can’t rally today after Cisco’s strong earnings report, then that will be a very bearish indication. Of course, we have the big jobs report tomorrow morning, which often establishes swing highs and lows on the daily chart.
I think an upside surprise is more likely than a downside surprise, but I would never bet on the outcome of the BLS’s random jobs generator. More often than not, the best play is to wait for the report to trigger an extreme reaction, and then fade it, whichever way it goes. Also, if large players are looking to sell, they would be waiting for a positive surprise to trigger a rally and then sell loads of volume into it. So that’s something to watch for.
The BLS will also announce its “benchmark revisions” which will likely show that their previous numbers were wildly inaccurate. It’s sort of a tradition.
I’m at the Lexus dealer. I don’t have my good charts but the shoulder-building is in progress from the looks of it.
George,
Yes, the market is trying to bounce at the left shoulder level 1078.46, but the downward momentum was very strong.
Matt
oooohh, here we go.
No shoulder. Now the market is testing Friday’s low of 1071.59.
That was scary.
Weeeeeee
Larry says:
February 4, 2010 at 10:15 am
That was scary.
LARRY……..read my prior posts……re: SCARY C wave down…here it is NOW…..prepare for break of recent lows then a move to NEW RALLY HIGHS….it was never going to be a “head and shoulder”
Phil, ay ay.
5 Short and some gold.
TAKING PROFITS on 1/2 of DXD on this down blast
LARRY>>>>exit gold…it is going to be crushed…i am going to add to DZZ on any gold rally
Was that a shoulder or broken rotator cuff? Miff’ed.
Phil, thanks. It is already crushed. Nothing big. Just insurance.
http://www.kitco.com/charts/livegold.html
GEORGE….i didnt want to say anything but it never was going to be a H+S
trend down. stop-loss ceiling 1100-1105, target 1050-55.
LARRY….gold will shine later but a severe correction will cast doubt..keep gold powder dry for great buy opportunity when panic sets in below $1000
phil,
By all means… give those Heads-Up!
Phil, thanks.
BUYING SPX on break of lows to neutralize my position till i figure out where we are…..
Euro is collapsing.
We might finally be getting to the “Down Goes Joe Frazier” stage!
String
BOUGHT 1/2 long on break of SPX lows
wow! just woke up .. what happened here .. covered my dxd .. this feels like Sep 2008 and it shouldn’t its Feb 2010
GOING to sell my TLT on next upward push
Phil, if this is “C” then we need five waves (3 down, 2 corrective) to make that happen. Wave 1 done likely, sideways/up wave 2 we are in now, SCARY wave 3 coming up. Most are looking for 1030 to 1040, and others looking lower. Buls obviously working hard to keep market above that 1070 zone…
Guys,
I told you I was liquidating today. You didn’t hear me over a week in advance.
Lol
Not sure if we liquidated in morning or we’ll liquidate at end of day.
Stringm,
Did “Smokin’ Joe” ever really go down?
Mr Kresitent was able to get 10% of the fund into OEF at 49.43
George
Foreman knocked him down more times than the law allows.
String
K, -222 today?
Stringm,
Yes, Foreman was an awesome hitter.
There’s a long positive MACD divergence on SPY 5min, however, it is moving against price, so the next 5min stochastic cycle will determine final direction.
SPY is sloshing around in Doo now.
http://i48.tinypic.com/4ptki0.jpg
Tops/bottoms intraday.
You spoke early, George… Looks like we are due for a bounce tom.
Yerk, you might be right. Some serious selling going on.
Junglegirl,
Congrats! What a great day. Keep them coming.
When is a megaphone a bottoming formation?
Yerk, a megaphone is a bottoming pattern when the NYSE announces to the last trader standing: “Time to leave. It’s over!”