So Far So Good…

Quick update before the open… VIX call per the bearish Gartley was dead on.  VIX fell another 8% since the call, closing at 16.23  — down from 19.09.  The hourly charts confirm a continued fall over the near term.  My original target of 15.10 looking safe for the moment.  Very bullish for a continued rally … continue reading →

Are We There Yet?

While it would be easy to jump on the P[3] bandwagon right about now (and it wouldn’t take much convincing) a note of caution is in order. A pullback that stalls in the low 1320’s on SPX would leave a pretty well-formed bullish Gartley Pattern (Point B should be 4 points lower, allowing a fuller … continue reading →

VIX Indicates Caution

VIX just completed a very well-formed bearish Gartley Pattern [see last post – Are We There Yet?], indicating it MIGHT have topped at 19.09.   In addition, VIX just bounced off its upper bollinger band, and there’s a shooting star on the 30 minute candle.  SPX is also a few points from completing a bullish Bat … continue reading →

GM Fumbles in the Red Zone

It was supposed to be a great turnaround story, a good cause and a profitable investment, too.  After going public again post taxpayer bailout, GM dropped like a rock despite research report puffery that would have Shakespeare drooling with envy http://in.mobile.reuters.com/article/rbssConsumerGoodsAndRetailNews/idINN1824469820110419?irpc=984 … continue reading →

Are We There Yet?

UPDATE  — 2:00 AM EDT SPX closed down 8.30 at 1329.47, down 3% from the high of 1370.   The Asian markets are mostly flat or mixed, with the e-minis indicating a slight rebound. The weekly charts look abysmal, but there’s still the possibility that we’ll bounce off these levels for one last push.  In addition … continue reading →

Are We There Yet?

Reposted from Thursday, May 12, 2011 While it would be easy to jump on the P[3] bandwagon right about now (and it wouldn’t take much convincing) a note of caution is in order. A pullback that stalls in the low 1320’s on SPX would leave a fairly well-formed bullish Bat Pattern. Point B should be … continue reading →