The CNBC talking heads spent the day telling us how the market didn't seem to want to go down. I spent the day thinking - not a lot of follow through on the big run up yesterday didn't seem to indicate it wanted to go up (either). But then I did tell you I expected a +/- 10 point range today. I think the more significant fact is the NAZ spent most of the day in the red and we closed mixed.
After the close Standard and Poors lowered the ratings on about 35 of the world's largest banks (C, BAC, Wells, MS and GS in the US). Seems to have the futures in the red.
Tomorrow shows the potential to be a big down day as every swing cycle except the 33.75TD cycle is down. Here is the SPX swing cycles (my interpretation):
GL traders. Market could get tricky here as we approach what should be a bottom by Friday.
Okay we are getting near that 1233 target....I think we hit that and we will come off in preparation for the jobs report. I still hold and opinion that the 22.5 bottomed back on the 11/25/2011. Cursory News - World QE and ADP showing good numbers also. Hmmmm.....
ReplyDeleteInlet,
ReplyDeleteMaybe the Central Banks of the world have been studying your charts and decided to increase liquidity today to screw things up. Looks like we are going to get a big POP.
Some on the SKF board are suggesting going short after today's move.
It is a crazy world.
Shadow/Doctrader -
ReplyDeleteTime to take a close look at the probability I need to reposition the cycles, that I am off 4-5 days on the bottom.... Arguing with the data is futile, Understanding the data is the objective.