Yeah so the dilemma seems to be that yes the market has 'melted-up' due to low volume (and da big boys usually no
like that) BUT it seems to me that there are an awful lot of 10 week/ 20 week ma bullish crosses (or near crosses) --
everywhere I look -- isnt that like SUPER-bullish ?? Anyone anyone?
well if a nice looking building is built of beach sand (and thus will cave) it's certainly ok to rent very short term--but long term purchases are going to be risky at some point. anything is only as strong as the parts it is built out of. anything works for 100-200 spx points--esp given the almost inevitable irrational action near tops. But sooner or later you wind up having to deal with reality. and the reality so far is the foundations look pretty weak.
Nowadays bad news is good news, good news is still good news. Learn to ride the trend, which is up for now.
The fact we are hovering at 1400 says that's some chance they want to push to 142x-143x before dropping it, who knows.
My mistake in the previous chart. I labelled the waves today as 1 and 2. It should actually be an ABC up. I believe we are close to putting the finishing touches to B.
So, in anticipation, here is a poem I wrote:
Cometh the happy hour
Hail the HFT power
Stops popped, the sheep rollover
Wolves rule, game over.
Yeah so the dilemma seems to be that yes the market has 'melted-up' due to low volume (and da big boys usually no
like that) BUT it seems to me that there are an awful lot of 10 week/ 20 week ma bullish crosses (or near crosses) --
everywhere I look -- isnt that like SUPER-bullish ?? Anyone anyone?
well if a nice looking building is built of beach sand (and thus will cave) it's certainly ok to rent very short term--but long term purchases are going to be risky at some point. anything is only as strong as the parts it is built out of. anything works for 100-200 spx points--esp given the almost inevitable irrational action near tops. But sooner or later you wind up having to deal with reality. and the reality so far is the foundations look pretty weak.
I agree
Slow Market action testing everyone's patience to the limit
Just walked into my office and looked at the trading screen; for those who follow and may care, I have a lovely p-bar down to exactly 139 SPY, which posted at exactly 14:00 EST. Do with it what you will.
Good weekend and ciao.
A.