Michelle wrote:Cobra, if this move up met the target from the diamond bottom, what would you say that is?
still it's just a rebound. it's really really very rare for the sell off we had in the last 13 trading days simply be one legged.
Remember the same thing I said yesterday (also Dow Trader said too) it's very rare for the FOMC day rally just be one legged, and here comes, right?
the last 13 trading days sell off was much much bigger than the FOCM day rally, even that rally had 2 legs at least, can you image that down push had only 1 leg?
You're right, of course, Cobra. And, you're usually right about forecasting retraces.
I think what scares me from going short overnight is the meeting with Sarkozy and Merkel (and the bans on short selling in the EU). However, it seems like volume is weak in this move up.
IMHO..Light volume on mostly short covering..1170/1175 volume may pick up when the bigger buyers come in.Lets see.
That's what also concerns me - that the move up is short covering. We can't sustain any gains until people are buying to go long, as opposed to short covering. We need buyer conviction.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
I did not think we would get thru the 1170/75 area so quick Buying picked up.I think the 1220 area is still a good shot.(I know BB52x says the mkt does not care what I think..He is right but lets see.)
colderdown wrote:Based on ML, institution was in accumlate mode since 8/8. I won't short here even I am a forever bear. Currently I am shorting TLT via long TBT
yellowreign wrote:Cobra, do you see the phantom tick at 112, others also saw?
no
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Hmm, this proves that there's another leg down but a bottom of some kind is very close now.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Hmm, this proves that there's another leg down but a bottom of some kind is very close now.
thanks for those thoughts, you too AK
I don't know how to read that, that we've completely blown away anything in 08 or the flash crash period last year, you might normally get contrarian over that but Im not so sure. In the very short term though I thought that would lead to a bounce of over 1200 only because if you look at retail investors they have fled the market and there are lots of new shorts, as weak hands they might need to cover further, driving us up there.....time will tell