With the futures pointing north this morning, we’re left to wonder whether that massive sell-off yesterday (-0.5%) was all we can expect. As usual, we’ll play along on the opening. We’ll go long, but watch for any sudden reversals. Why? For starters, the EURUSD continues to crumble. Here’s the big picture: But, the 60-min chart … continue reading →
Important Notice: GoDaddy’s email servers have failed me for the last time. Even though I’ve been sending regular email blasts to members for over a year, GoDaddy support insists they’ve always had a policy of limiting emails to no more than 100 recipients — and that no hosting service allows more than 100 (it took … continue reading →
Our last update [Apr 15] devoted to gold came in the midst of a huge meltdown. Gold had lost channel support, horizontal support at the psychologically important level of 1500 and was dropping like a rock through 1335. Never one to shy away from an opportunity to embarrass myself, I gave my best guess: we … continue reading →
Stop me if you’ve already heard this one… Ugly economic reports, US dollar shooting higher, euro and yen breaking down, equity markets selling off after huge uninterrupted gains… What could go wrong? I’ll play along on the downside… again… but can’t help wonder if this merely proves I’m the most stupid person alive. … continue reading →
The eminis continue to bump along at harmonic resistance: the red 2.24 at 1626.41 and the small white pattern’s 1.618 at 1631.62. ES 60-min… The DX is right back to the levels reached on Friday — the white channel midline. A thrust above would likely kill off the equities rally (or, at least hobble it.) … continue reading →
RUT has been loitering near the top of a large channel dating back to 1998 and a rising wedge dating back to 2008. These patterns signaled a possible top. But, there were some unresolved Harmonic Patterns at slightly higher prices. Things got resolved on Friday. continued for members…
We’ll be watching to see what, if any, fallout there is from the Hilsenrath article on Friday after the close. The eminis are looking weak this morning. Recall that they reached the combination 1.618 and 2.24 extension Thursday, and are still down from that level. Back test or breakout? Until we actually see a thrust … continue reading →
The market bounced back a little into the close yesterday, and recovered further overnight. ES retraced a Fibonacci .886 of the initial plunge, and is hanging in the small channel established over the past week. We shorted SPX at 1635 yesterday, but weren’t sure whether or not the upside was completely done. This morning, there’s … continue reading →
It certainly looks like we’re almost there. The eminis seem to be already there… The EURUSD is clinging by its fingernails… The dollar looks ready to rumble… The USDJPY is making a bid for an IH&S, but has run smack dab into that yellow channel midline again…moment of truth for the yen… This morning’s dip … continue reading →
USDJPY has continued to slide since our Apr 8 call for a top [HERE.] It back-tested the broken purple channel midline on May 6, and is signalling a sell-off to at least the bottom of the purple channel (96.25 – 96.66) where it intersects with the white channel .75 line in the next day or … continue reading →