Meltup to old highs, re-fuel, pop stops for 50? Target 1525?

    Posted by kalinm on 12th of Dec 2012 at 07:49 pm

    The market just might be in the first stages of a familiar pattern.  I lean towards imminent bearishness (and I'm positioned that way), but IMO, the sell-off has to come quickly (end of this week), be vicious and sustain.  What seem to be bearish signs on indicators have not had any price action that is too vicious (yet).  So while 1440 is some decent resistance, we might just enter a slow grinding phase with 3-5 point SP moves for the next bunch of weeks.  Typically the moves are overnight gap ups with sideways action most of the day and the occasional last minute ramp.  A logical target would be 1525 -- following the 50 points of "popped stops" pattern.  What has me a little worried (as a bear) is the uncertainty in Washington -- the perfect wall of worry for a melt up.

    tough long or short here.

    Posted by freddy123321 on 12th of Dec 2012 at 08:26 pm

    tough long or short here. except gld. that fone like dinner.

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