The market is setup for a big move here, either a strong
oversold rally out of these wedges which have been forming, or a
hard break down lower - Steve discussed these options last night.
Before you make comments like "ha ha so it will go up or down
huh", what I'm trying to say is that energy is building like a coil
that's going to release hard soon. For now the choppy down
action argues more for an upside breakout from the wedges (which is
what I favor if you held a gun to my head), however be prepared for
either, and of course a catalyst could be some kind of news event,
the potential for market morning gaps exits where with all the
Europe shit and other things.
and together with fed they can make the difference. The Fed is
not happy with the USD soaring and the politicians in Europe
doesn't understand the benefits with a lower euro, so a joint
intervention to press down the USD may be in the cards. That would
be press all short bets out of the market.
Market Comments
Posted by matt on 16th of May 2012 at 09:07 pm
The market is setup for a big move here, either a strong oversold rally out of these wedges which have been forming, or a hard break down lower - Steve discussed these options last night. Before you make comments like "ha ha so it will go up or down huh", what I'm trying to say is that energy is building like a coil that's going to release hard soon. For now the choppy down action argues more for an upside breakout from the wedges (which is what I favor if you held a gun to my head), however be prepared for either, and of course a catalyst could be some kind of news event, the potential for market morning gaps exits where with all the Europe shit and other things.
I like the "objective" shit
Posted by Palladin on 17th of May 2012 at 07:04 am
I like the "objective" shit and other thingscall.
The pressure is high on ecb to make a move now
Posted by lebow on 17th of May 2012 at 02:31 am
and together with fed they can make the difference. The Fed is not happy with the USD soaring and the politicians in Europe doesn't understand the benefits with a lower euro, so a joint intervention to press down the USD may be in the cards. That would be press all short bets out of the market.
Which Way....
Posted by ronjuan on 16th of May 2012 at 09:28 pm
McClellan Market letter agrees with you....do to Presidental Cycle and thinks new highs will be made over the summer pre election....
Looks like a possible gap
Posted by freddy123321 on 16th of May 2012 at 09:15 pm
Looks like a possible gap either way.