Unemployment-claims came in better than expected at 8:30am, and stocks are surging in the pre-market. One key level that I’m watching is the IWM’s gap-down from Tuesday morning. SPY and QQQQ are well above their gaps, but IWM is only trying to fill it now.
Update: Only a few minutes after I posted this, the IWM blasted higher and is now above the gap.
george
we have main booster ignition via SPX futures breakout
also a gap above downtrend line from april peak
wave C up appears in force
target is SPX 1170
http://4.bp.blogspot.com/_TwUS3GyHKsQ/TIgWKSKcCfI/AAAAAAAAHeY/o2l13anykDg/s1600/nyad.png
sold 1/2 of long positions at open
want to rebuy at test of trendline SPX just broke above shown in chart
I’m late today. Missed the booster blast. That’s okay, the gap up is adding fuel to the inverse rocket.
This is exactly what the VIX is supposed to do: back off 4 or 5 days then bounce.
September is supposed to be the worst month of the year. I know the month has just begun, but this could be another Miff’ed Market Myth.
Blame it on p’s rockets.
G
futures not sustaining breakout
if spx slips below 1103 then its a B wave
implies we go back to 1090
then refuel for rocket blast to 1158 if A=C
taking remaining profits now
futures have gone down since 9:20
let it prove its not a B wave
bought back about 1/2 the bonds i sold into tues spike up
sold another 1/3 of TBT bought on bond spike tue
G
i am now not bond king nor TBT king
i have little of either
also sold all gold and silver holdings (erik hadik sees gold top here)
G
does gold look like a wedge to you on daily chart?
p
Sure does. It couldn’t overcome that June high. At least not this cycle.
9 states did not report claims because of Labor Day,see how my 480 missed
Scotty,
The market read your post.
Matt,
How ’bout Dufee/Lesnar?
Mitch,
I don’t know anything about Dufee, but looking at his record, he doesn’t seem to have defeated anybody of note.
Matt
IWM’s gap-fill that I mentioned up at the top is starting to look like the second peak of a double top, stretching back to Friday morning.
G
looks like a B wave
look for retest of DOW 10,350
Looks like a reversal day… almost red streaks.
SPY filled today’s gap and now trying to bounce near the 15min 36MA.
Tale of the tape for this afternoon.
Go DZZ!
These slow-moving markets are great to test new trading techniques. Volatility often skews some indicators.
2thfixr ain’t liking this action; maybe.
gld has uggy face on its 5mn.
G
sold what i bought on the dip this pm
i still think we go down again
maybe test the downtrend line again
mitch
see my 11:07 post
phil,
Doesn’t look good for the metal . . . . . for the immediate term.
G
am i lucky or good ???
We put another gap in place
p
I’ll choose good!
Matt:
Not sure if you saw what I wrote a couple of Sundays ago concerning MMA/UFC. This author’s point of view is a prime example of how not to think about the business – certainly not from the fighter’s point of view or, it seems, any serious observer of the business.
http://espn.go.com/extra/mma/blog/_/name/mma/id/5549612/not-quite-money
Your thoughts?