Posted by doctormike on 5th of Dec 2009 at 08:58 pm
Basically EWI is not sure where the top is. This has to be
their 8th or 9th time calling the top since early August.
In terms of BAC, I really don't think that's the cause.
The big news about employment was the cause.
S&P cash and future has been riding the top of the upward
channel. We have touched that upper trendline three times and
each time we sold off. At this point, I don't think we will
break that line, but we might rally up to reach 1122 in es to make
50% retracement. That should happen on Monday or Tuesday to
fit where the trendline is. Or 1119 in es might be the high
of this rally. Bulls know that there are sellers up there and
Friday's news was extremely good, almost unreal good. I don't
see what kind of news will cause us to break that line.
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Basically EWI is not sure
XLF, Volume & tonight's rebalancing
Posted by doctormike on 5th of Dec 2009 at 08:58 pm
Basically EWI is not sure where the top is. This has to be their 8th or 9th time calling the top since early August.
In terms of BAC, I really don't think that's the cause. The big news about employment was the cause.
S&P cash and future has been riding the top of the upward channel. We have touched that upper trendline three times and each time we sold off. At this point, I don't think we will break that line, but we might rally up to reach 1122 in es to make 50% retracement. That should happen on Monday or Tuesday to fit where the trendline is. Or 1119 in es might be the high of this rally. Bulls know that there are sellers up there and Friday's news was extremely good, almost unreal good. I don't see what kind of news will cause us to break that line.