05/16/2013 Live Update

[TraderGirl]

Flashback to 1995/1998 - it's the reason why I'm very reluctant to play the short side of the market. During these secular bulls shorting tends to be a loser's game Of course Cobra was not suggesting a major pullback, nevertheless I don't like to go against such a strong trend

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uempel, at that time the economy was in a period of growth and at the end of a long term bull market run that began in 1982. It was also in the midst of a tech bubble. I don't feel we are in the same conditions...there is slow growth going on in all parts of the world...even though the market is up...it does not reflect the "real" economic conditions...there are many still without jobs and the job market is not growing fast enough to sustain a parabolic rise in the market...

Parabolic moves into a bubble usually get burst...I am not saying to short the market...there are no indications of a major pullback..but I am not sure we are in the same economic conditions there were in 1995...

[jarbo456]

inside day on BMY.

[Out of Bounds]

Bulls be careful. Today could very well end up as an all inside day - that would signal end of trend.

[Cobra]

2nd target met. now leaves only double top target.

[BullBear52x]

wow pass thru my red line, no good.

[Out of Bounds]

inside day on BMY.

Didn't see yours.

[fehro]

SPX 15m

[Cobra]

travels very long to break neckline usually is fake. let's see if rebound would push back above neckline.

[kongen]

Did you notice yesterday that SPY turned south just after BullBear turned bullish?

[BullBear52x]

Did you notice yesterday that SPY turned south just after BullBear turned bullish?

[Richarab]

I did... Bull bear is my leading contrarian indicator

[Out of Bounds]

Bazinga!

[Cobra]

well, guess that's it for today. OE tomorrow, seasonality is bear friendly. thank you guys, I'll see you tomorrow.

before the close, please take a little time to vote for me, thanks. https://stockcharts.com/public/1684859/tenpp

[uempel]

Update:

[The Hook]

uempel could you repost your friday signal chart?

[BullBear52x]

I did... Bull bear is my leading contrarian indicator

Sounds like you guy didn't sign up yet, You need to sign up to follow me at my blog.

[Cobra]

again, it's not a valid double top breakdown yet. we may have to wait for tomorrow.

[Out of Bounds]

Target 145.58

[MrMiyagi]

I am a dummy. I apologize. I thought this morning's tail was a gap down open, I should have checked.

Target met. Sorry folks, really.

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[MrMiyagi]

Likewise with QQQ. Sorry...