KENA wrote:I have to leave early today.Take the wife out for lunch. If we break 1300/1303 we could go to 1290 the 50ema.
Thanks, enjoy your lunch.
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Jennyahwu wrote:Cobra, is it every time the marekt goes up , we can short it? today looks everything reverse. nothing goes up. thanks
You mean today? I'm not sure now. General rule for day trading is to follow the trend on trend day which is day like today. On range day, you buy low sell high. So for day trader, it's essential to know what kind of trading day eithe trend or range bounded as early as possible.
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Nothing to say, still hanging around Fib 61.8. Hard to guess where the bottom is. A little pullback to test the previous low 2 bars ago then rebound may be good for bulls.
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Here comes the back test. Looking for signs of a failed back test, then we could see a meaningful rebound thereafter. Again for intraday only.
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big picture, unless some wonders for the rest 50 minutes, otherwise, it's Bearish Engulfing, a bad chart pattern.
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General rule, remember what I said in last night's report? 1 day covers all, then it's bad for bulls again.
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The real culprit is NO QE3 COMING.
Market has been supported by the Fed and now they're taking the bunch bowl away.
If market tanks badly then they'll put the bunch bowl back.
EvilTrader wrote:SPY 131 will be hard to breach for good today.
Tomorrow we could gap down, but i expect a little rebound today.
A general rebound pattern should like this, could be another lower low or higher low then rebound. Let's see.
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balance: "What kind of technical analysis you're using? point 1 to 6."
Wolfe Waves. You will find a lot of information available on both google and youtube. There's an Indian dude on youtube that has videos showing WWs at work on 15-minute time frames. I'm experimenting with this FX tool on various assets; so far so good.
Me XMan wrote:The real culprit is NO QE3 COMING.
Market has been supported by the Fed and now they're taking the bunch bowl away.
If market tanks badly then they'll put the bunch bowl back.
Agree. But you cannot QE forever. The dollar will worth nothing eventually because QE means no foreign coutries would buy US debt, thus all US debt has to be bought by FED. This equals to printing money out of thin air.
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zebra wrote:hi cobra,
is there any edge one way or another for a negative 1st trading day of the month? thanks!
No idea. But I bet we'll know tonight, because some web site will say something.
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