cletus wrote:Looks like I'll be on the board one more day because these SPY puts and GLD puts might not have run their course yet and there could be further weakness into Friday. Let's see how today closes, but gold is reversing today. It's worth one more day to wait.
Hope you can return often after you leave. The comments so far about your valuable contributions are likely shared by many more who remain silent.
still doesn't look bearish here. so nothing to say.
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Anaconda wrote:Well, now we have the facts: "Federal Reserve Lowers GDP, Raises Unemployment And Inflation Projections" Load up and go long. With such awful news, how can it be anything but positive for the markets here in Wonderland?
This really goes without saying, but the market is forward-looking. So all you mentioned has already been priced in.
here's how I read: looks like a consolidation pattern before the next move higher. the action now is not bearish at all unless we close ugly today.
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Cobra wrote:here's how I read: looks like a consolidation pattern before the next move higher. the action now is not bearish at all unless we close ugly today.
agreed weak but no comfirmation just yet. could just be a normal consolidation. copy that!
My comments are for entertainment/educational purpose only. NOT a trade advice.
Cobra wrote:here's how I read: looks like a consolidation pattern before the next move higher. the action now is not bearish at all unless we close ugly today.
agreed weak but no comfirmation just yet. could just be a normal consolidation. copy that!
close ugly would be another story.
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Anaconda wrote:Well, now we have the facts: "Federal Reserve Lowers GDP, Raises Unemployment And Inflation Projections" Load up and go long. With such awful news, how can it be anything but positive for the markets here in Wonderland?
This really goes without saying, but the market is forward-looking. So all you mentioned has already been priced in.
TA only cares about Price and Time.
"This really goes without saying..." I agree with you.
Cobra wrote:here's how I read: looks like a consolidation pattern before the next move higher. the action now is not bearish at all unless we close ugly today.
Cobra, I agreed that on the 60 min chart, but on a bigger time frame - the daily SPY chart has a bear flag going back to June 1, do you still think this is a sell-able bounce from your forecast few days ago?
Cobra wrote:here's how I read: looks like a consolidation pattern before the next move higher. the action now is not bearish at all unless we close ugly today.
Cobra, I agreed that on the 60 min chart, but on a bigger time frame - the daily SPY chart has a bear flag going back to June 1, do you still think this is a sell-able bounce from your forecast few days ago?
yes, it's still sell-able.
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maintain double top text book target. the bigger picture is still not bearish.
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Cobra, any idea when it's a time to sell or at what level on SPY can we sell?
no idea yet. you know my style, i need a pattern to forecast the next. Right now the 60 min chart pattern is bullish, not bearish, so no sell here.
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