You know, all weekend long I read various blogs and analysis
that all said "respect the trend" and "the trend is down" and I
remember thinking, there it is again, the general consensus so it
must be wrong!
One thing I have noticed in this larger uptrend is how we see
gaps up and the trade sideways all day....that must be because the
trend is up....can anyone tell me they have seen the
opposite? A major gap down and then crawling along for a
while and then more downside? I don't think so, we see a gap down,
and then maybe a violent push back up but not too many crawls
sideways the rest of the day.....why?
Oh yeah and the 5 min 60 sto, sure it will break back towards 20
late today or sometime tomorrow but if we are in the next kleg up,
that will probably be a great place to go long.
It completely depends on the Headline news that market is
reacting to.
Anyway my thinking
1. Unrest in Middle east is getting worst. Yemen and Bahrain
next. What is the stand of US on these countries?
2. Portugal is close to bankrupt, nothing changed there
either
3. Rain in Japan is having 25 times more radiation particles
than normal conditions.
4. Today mornings data of Home sale was completely ignored which
came in Negative
Well the list goes on. Nothing has changed from last week.EXCEPT
Libya was attacked by UN coalition + AT&T buying TMO. Is that
the driving factor for this rally?
Posted by burkmere on 21st of Mar 2011 at 02:31 pm
There is still considerable resistance at the 20dma and 50dm on
the spx. That level is about 1303-04. Until we get a clean
break up from that level, I won't be looking for another leg up
from the recent highs in the 1340s.
If that level is cleared look for a test of the 1315-1317 gap as
I showed earlier which would be a measured move. This would
squeeze more shorts and empty the bus.
respecting the trend?
Posted by perthx on 21st of Mar 2011 at 02:26 pm
You know, all weekend long I read various blogs and analysis that all said "respect the trend" and "the trend is down" and I remember thinking, there it is again, the general consensus so it must be wrong!
One thing I have noticed in this larger uptrend is how we see gaps up and the trade sideways all day....that must be because the trend is up....can anyone tell me they have seen the opposite? A major gap down and then crawling along for a while and then more downside? I don't think so, we see a gap down, and then maybe a violent push back up but not too many crawls sideways the rest of the day.....why?
Oh yeah and the 5 min 60 sto, sure it will break back towards 20 late today or sometime tomorrow but if we are in the next kleg up, that will probably be a great place to go long.
It completely depends on the
Posted by simmon on 21st of Mar 2011 at 02:36 pm
It completely depends on the Headline news that market is reacting to.
Anyway my thinking
1. Unrest in Middle east is getting worst. Yemen and Bahrain next. What is the stand of US on these countries?
2. Portugal is close to bankrupt, nothing changed there either
3. Rain in Japan is having 25 times more radiation particles than normal conditions.
4. Today mornings data of Home sale was completely ignored which came in Negative
Well the list goes on. Nothing has changed from last week.EXCEPT Libya was attacked by UN coalition + AT&T buying TMO. Is that the driving factor for this rally?
Still considerable resistance..
Posted by burkmere on 21st of Mar 2011 at 02:31 pm
There is still considerable resistance at the 20dma and 50dm on the spx. That level is about 1303-04. Until we get a clean break up from that level, I won't be looking for another leg up from the recent highs in the 1340s.
If that level is cleared
Posted by steve on 21st of Mar 2011 at 02:33 pm
If that level is cleared look for a test of the 1315-1317 gap as I showed earlier which would be a measured move. This would squeeze more shorts and empty the bus.
get ready to push higher!
Posted by perthx on 21st of Mar 2011 at 03:09 pm
get ready to push higher!
Only Uncle Ben can answer
Posted by simmon on 21st of Mar 2011 at 02:28 pm
Only Uncle Ben can answer those questions. till then ' Respect the Trend'
the trend
Posted by hazbin1 on 21st of Mar 2011 at 02:28 pm
c'mon Perthx, you know the story, it's your tax dollars hard at work (POMO)