I'm not so sure the whipsaw is done Wednesday. We have GDP
and Unemployment coming Friday. It's still going to be pretty
large moves. I could see market going higher on Fed "Bad
Bank" then get everyone long only to sale off Friday with bad
employment number and GDP.
If SPX bust out past 860 it should be a quick move higher. The
SPX 940 is still key and if it doesn't get taken out I would look
to exit longs and get short.
Posted by window72 on 28th of Jan 2009 at 08:02 am
I recall someone posting a warning about checking that the
indices confirm each others moves. Well right now, the NASDAQ
does not confirm the SPX on the 15 minute chart.
I'm not so sure the
FOMC
Posted by cspirit on 27th of Jan 2009 at 11:02 pm
I'm not so sure the whipsaw is done Wednesday. We have GDP and Unemployment coming Friday. It's still going to be pretty large moves. I could see market going higher on Fed "Bad Bank" then get everyone long only to sale off Friday with bad employment number and GDP.
If SPX bust out past 860 it should be a quick move higher. The SPX 940 is still key and if it doesn't get taken out I would look to exit longs and get short.
Title: Ready to blow I can
Posted by unsane on 28th of Jan 2009 at 12:24 am
I can see R at 870 but that is one massive basing pattern.
I don't see anything bearish in this set-up at all any more, in the short term. I think we have to go up to go down at this point.
SKF and SRS have both busted support recently and seem like objective shorts to me, although I am only playing them using the mechs. They are both still pretty darn high compared to where they were very recently.
I recall someone posting a
Posted by window72 on 28th of Jan 2009 at 08:02 am
I recall someone posting a warning about checking that the indices confirm each others moves. Well right now, the NASDAQ does not confirm the SPX on the 15 minute chart.
Title: Nasdaq vs SPX triangles It's
Posted by unsane on 28th of Jan 2009 at 08:25 am
It's not quite as clean but the same pattern is there. Also, look at how the fast MAs are getting ready to cross the 200.
Put/call ratio is 0.7 .
Posted by pkon on 27th of Jan 2009 at 11:55 pm
Put/call ratio is 0.7 . Keep a close eye . Rather than go long, wait for an opportunity to go short