While it would be easy to get caught up in P[3] fever, here’s a note of caution. A pullback in the SPX to 1321, if it isn’t
Saying today’s PPI numbers were great — except for food and gas prices — is like saying your flight was great — except for the highjacking.
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 →
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 →
It only took a week of posting on Blogger for me to crash the entire system! Google assures us the system is back and better than ever. Posts from Wednesday and Thursday are slowly coming back on line. I’ll give it till tomorrow morning, then try to repost what hasn’t reappeared. Lots of action in … continue reading →
Silver just completed a nice little bearish Bat Pattern, targeting 31 if this retracement is done at the .886 Fib levels. Should be a good day trade with the May 29 puts, currently at .17 — with tight stops of course.
The market’s off 16.60 at 1341.05. I think this is the “Y” from Daneric’s W-X-Y count and a result of the bearish Gartley pattern we saw conclude yesterday. http://danericselliottwaves.blogspot.com/2011/05/elliott-wave-update-10-may-2011.html While SPX could easily continue down, I’d be watching for a bounce at: (a) 1333 — the long term trendline from the Oct ’07 high (stopped … continue reading →
Watching SLV this morning. It’s turning on the fib levels religiously, topping within a nickel of the .382, toying with .236 and heading south now. I’m watching the 5-minute bars and, FWIW, a pattern has repeated three times in a row: every little dip is followed by exactly 9 sideways/up candles before the decline resumes. … continue reading →
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 →