As we anxiously await Bernanke’s big show, the market is putting on a little show — reaching the 1409 target we mentioned yesterday (and then some.) If Bernanke disappoints, as nearly everyone now seems to think he will, that should just about do it for this retracement. As I’ve posted for the past several days, … continue reading →
Monthly Archives: August 2012
ORIGINAL POST: 10:15 AM Got stopped out on the opening this morning (1408.90) and immediately shorted. How low can we go? I see support at 1398-1399, and will consider covering or setting stops there. Depending on your point of view, Lockhart was testing the market’s reaction/letting us down easy/managing our expectations. And, the market reacted … continue reading →
Reposted from last night: Yesterday, I ran into a friend (and member here) who was trying to develop a strategy for the rest of the week; we got to talking about various approaches. I know I wrote this numerous times last week, but it bears repeating: if you’re not a gambler, stay out of this … continue reading →
ORIGINAL POST: 9:30AM The dollar and the euro each overshot our short-term targets just a tad, but are resuming the path we mapped out for them last week. The EURUSD came very close to a key .886 Fib level, prompting many to wonder “was that it?” I wasn’t so sure, myself. The resultant sell-off was … continue reading →
I’ve been charting various indices all day — XLF in particular. I’ll post those charts this afternoon. In the meantime, SPX is trading in a little channel which hit the upper bound this morning at 1416 and has potential to about 1408-9 on the downside. We’re still long from 1409 on Friday with a stop … continue reading →
With all the whipsaw action these past two weeks, it might be helpful to review the big picture. We’ll start with the chart pattern that’s easiest to see: a big rising wedge. The wedge shows the potential for higher prices — a tag of the upper bound, for instance. The apex is currently around 1472 … continue reading →
We got the reaction on the dollar and euro we discussed yesterday afternoon. So far, it’s pointing to a continuing sell-off of equities. continued… … continue reading →
We’re all familiar “good news is good” and “bad news is good.” Are you ready for “good news is bad?” In a sign that things are becoming curiouser and curiouser, slightly better than expected employment numbers and flash PMI have sent the market down this morning. Bullard, a non-voting Fe governor, made things worse by … continue reading →
UPDATE: August 22, 2012 Today, gold reached the 1655 target from our August 15 forecast — closing at 1656.20. Note that this represents a probable breach of the descending triangle upper bound as well as a tag of the Fibonacci .886 level of 1655.70 for a proper Bat Pattern completion. continued… … continue reading →
ORIGINAL POST: 9:15 AM The futures show how perfectly balanced things are at this level — with a step in either direction being very significant. We tagged the IH&S target created back on June 19 yesterday, creating a double top after having broken the fan line off the Oct 2007 top. We appear very likely … continue reading →