Tuesday’s Results
As the talking heads on CNBC were raving about IBM’s earnings report after the bell, the futures were yawning, and IBM sold-off. That is not the reaction that you want to see if you are a bull.
SPY and DIA were able to close their down-gaps from Friday morning. IWM and QQQQ did not have gaps, but they closed above their Thursday closes. So that was strong. However, the XLF, XME, and IYT were not able to close their Friday gaps. The XME and XLF are the two top sectors since the March low, and the transports (IYT) are considered to be a bellwether by many large investors. So, overhead gaps on those three ETF’s are significant to the entire market.
World Ends in 2012
Make sure to have your survival condo ready:
…we have acquired an Atlas “F” Missile Base, considered to be one of the strongest structures built by man, and redesigned it into a “Survival Condo”.
Kudlow Gets Giddy
Larry Kudlow will be beside himself over the Republican win in Massachusetts today. But it was no secret that the Democrats were going to get the boot this year. Joe Sixpack is (surprise!) not happy about having his job sent to China. And he will see to it that every Republican elected this year will be a one-term-er if he is still unemployed in 2012.
Email cleansing update:
from 4444 to 117
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on the 17th I said this…
well i have 4444 emails to be sorted LOL i suspect at my article skimmed vs link posted rate of 2-3% i will be left with about 150 emails LOL
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POOF!!! right on!!
Yes George, I took money out of the market today. And yes, I’m looking for a move down to 1130 to 1140. How far down will determine if this is the ‘e’ wave of wave 4 (similar to the 1085-1117 rectangle) leading to a 5 wave impulse upwards off the 1030 area. Or if wave 4 was an a-b-c completed Friday with today’s action being a wave 1 up, looking for wave 2 down very soon. That is why I’m kicking myself for riding the waves up-down-up and only cashing in once when I had a great handle on it, just didn’t trade it correctly. Live and learn.
the difference between the two wave forms outlined above will be this: an e wave should go down near 1130. A wave 2 should stop short of the 1130 level, probably closer to 1140. Read your usual indicators looking for the upswing, and beware the head fakes that could happen. JG will have a different count than this. I’m using a bullish count, she’s using a bearish count.
I’ve got a busy day at work (2 hygienists in the office), so I’ve got the Schwab platform programmed to look for the levels I’m talking about and autotrade.
the futures jumped about 3 points on the Brown win. It’ll be interesting to see what they look like in the AM. good night.
Futures Prices
Market Last Change %
Crude Oil 78.44 -0.88 -1.11
Natural Gas 5.571 +0.035 +0.63
Corn 369.25 -2.25 -0.61
Soybeans 963.5 -10.5 -1.09
30yr Bond 117.65625 +0.5 +0.43
10yr Note 117.078125 -0.203125 -0.17
NY Gold 1129.5 -10.5 -0.92
NY Silver 18.57 -0.23 -1.22
Emini S&P 1141.00 -4.75 -0.41
Emini Nasdaq 1881.5 -8.25 -0.44
Emini Dow 10626 -44 -0.42
Futures Prices
Market Last Change %
Crude Oil 78.09 -1.23 -1.55
Natural Gas 5.498 -0.038 -0.68
Corn 369.25 -2.25 -0.61
Soybeans 963.5 -10.5 -1.09
30yr Bond 117.6875 +0.53125 +0.45
10yr Note 117.078125 -0.203125 -0.17
NY Gold 1128.8 -11.2 -0.98
NY Silver 18.5 -0.3 -1.60
Emini S&P 1139.5 -6.25 -0.55
Emini Nasdaq 1879.5 -10.25 -0.54
Emini Dow 10611 -59 -0.56
after,
The E-mini S&P is about 3 to 4 points under the cash/$SPX index right now, correct? Thanks.
Well, ‘they’ look different…
After,
Thanks. The megaphone is playing out as predicted indicating increased volatility. About time.
K says:
January 19, 2010 at 9:33 pm
87% and 52-47 the score.
well looks like I aint just good at predicting market prices im also good at predicting elections
>>>> K >>>THATS what i like about you>>>>you are so modest
K,
Let me give you a 30 day pass to Direct
Buy; so, I can sell you a $6000.00 to
$10,000.00 membership and make a
big commission.
Paula,
after i buy a house i’d welcome the 30 days
phil, HAHAHA!
eur/usd at 1.4137 over 1% down for the day.
This could be a gap to fade, especially if it gaps on the daily.
One more day to hit Laundry’s target date
for a top.
Each significant pullback on SPY has been bought. Could be this time too.
Eh, no daily gap.
dow down 104 points in 13 mins OOPS!
UYG going for a gap fill from two days ago.
Will see if the full sto(10.9.9) on the SPX
one year chart is finally telling the truth
…a 5% correction.
That’s a nice juicy intraday gap by SPY. That will be a nice run back up to grab the ring.
SPY is at the bottom of the 5min megaphone support line.
GEORGE and 2th fixer…thanks for the kudos yesterday…i just bought back in 1/2 position LONG at SPX 1136…..
2th FIXER…close to confirming monster rally in bonds…TBT would go BELOW 35.60….i have ZERO TBT and am loaded with treasury 10 yr notes…
GEORGE…$TNX @ 36.44…(lower daily boll band)..going to sell some bonds and take partial profits here
The uptrend line since the March 6 low in $indu is close to breaking. If it breaks with gusto, that is what could cause a monster rally in bonds.
Looks like many a levels will get broken here ..
Phil, I’m long some at the same SPX level, we need some upward retracement now
Phil,
I too am looking to get some SPY if this spring gets spring. You have those bonds zeroed in on your radar now.
The abcde rectangle has played out nicely in wave 4. Time to start wave 1 up to the 1180 top now. Love the rectangle. Just need 1130 level to hold…
George, made $ on SDS this time. Back on the elevator up. Join me.
george, why are you advertizing hotmail?
http://4.bp.blogspot.com/_rufrpeKdZ38/S1crgzCHAWI/AAAAAAAAGCY/WqruqVY4jeY/s1600-h/spx.png
this is when posting pivots is helpful.
DOW S3 pivot at 10519.15 is exactly where dow HIT and turned (ok it was a few points lower for a bit..
anyways former S2 is at 10555.73
did i mention the dow just broke out of a rectangle from 11am to now? if it passes A2 i think 10656.65 is next stop but thats a dream at the moment
New basketball league open to whites only, to get away from the ‘street-ball’ played by ‘people of color.’
http://thinkprogress.org/2010/01/20/white-basketball/
still within the rectangle
Keep in mind UUP broke out of its bull flag… and with a gap up, which is bullish. A UUP w3 up can be a game-changer (I believe *will* be a game changer). Take a look at it on the 60 min.
Phil
Did you go with coupons or Zero’s?
String
Possible SPX flat and INDU expanded flat. That would explain the DOW making a new low while SPX did not. Both have now risen in a possible “c” leg to the area of a possible previous w4. Is this all “possible” enough for you?
Previous w4 of lesser degree, obviously.
Junglegirl,
Can you stop the big boys from playing ball
and give us a trend down? Is your equipment
up to it?
I had a doctor appointment and got back just in time for the Tres Cruzar on SSO.
Here’s “X” marks the spot (for trade entries). Interesting but I don’t know how beneficial.
http://i47.tinypic.com/2hxrrkk.jpg
JG,
UUP sure is a “gapper”! I would think it would back down to those gap ups before heading North again. Just speculation.
SRS popped a 9/36/15 today, has backed off and hopefully it will reverse and go back up by bouncing off its 15min 36MA.
STRING………coupons….not confident enough in wave structure yet for zeroes…
GEORGE……elliott wave international ( PRECHTER et al)..think and i agree that dollar is in wave 3 or C up…..i am adding to UUP…if it is wave 3 it can gap up more and never look back…………
Rebound in SPX, INDU do not correspond to the action in GLD, SLV, USO, UUP.
SOLD all longs bought this am for a small profit
Phil,
Wonder if UUP is still connected with the market. There’s a lot of gaps on that daily. Rather volatile, which is good.
http://www.foodincmovie.com/ might be another nice documentary just stumbled on it.
good going phil!!
Paula, lol. Will give it my best effort.
Daily VIX chart… connect the highs since December. If the markets sell off tomorrow, the VIX could break out over resistance.
Of course, the bull count hasn’t yet been put to rest. Tomorrow will be interesting.