Yes, volume is terrible and there are other problems with this
rally BUT the final verdict is price and thus we must respect the
price action until we get a break of the bullish symmetry. I
see a few scenarios here:
1. The latest selloff and subsequent rally will be similar to
June/July and be followed by another leg down very soon.
Simply put, an ABC decline.
2. The market is unfolding as I have shown on the DOW 60 minute
chart in an expanding wedge which will take us to new highs without
a deep pullback.
3. Today's gap was an exhaustion gap - the final gap
appears near the end of a market move in lower volume. If
true, this would be reversed within a few days (MAX).
Again, the dollar seems to hold the key. The dollar needs
to rise impulsively for this market to turn tail.
Posted by billrosen on 9th of Nov 2009 at 03:19 pm
Based on this irrational market I would not be surprised at all
to find the S&P surpass 1100 for a day or two and then reverse
after it sucked i the masses long
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Yes, volume is terrible and
Volume is pathetic
Posted by steve on 9th of Nov 2009 at 03:15 pm
Yes, volume is terrible and there are other problems with this rally BUT the final verdict is price and thus we must respect the price action until we get a break of the bullish symmetry. I see a few scenarios here:
1. The latest selloff and subsequent rally will be similar to June/July and be followed by another leg down very soon. Simply put, an ABC decline.
2. The market is unfolding as I have shown on the DOW 60 minute chart in an expanding wedge which will take us to new highs without a deep pullback.
3. Today's gap was an exhaustion gap - the final gap appears near the end of a market move in lower volume. If true, this would be reversed within a few days (MAX).
Again, the dollar seems to hold the key. The dollar needs to rise impulsively for this market to turn tail.
Based on this irrational market
Posted by billrosen on 9th of Nov 2009 at 03:19 pm
Based on this irrational market I would not be surprised at all to find the S&P surpass 1100 for a day or two and then reverse after it sucked i the masses long