01/07/2015 Live Update

[BullBear52x]

Lots of positive signs, elder impulse on Daily is still in red. bulls need to do more.

[FlowerGirl]

LONG NUGT ...
Edit:
Chart...
Exit point fluid...

The attachment NUGT.png is no longer available

Thank you NUGT...

A gain of ~ 10%....

[BullBear52x]

talking island tops yesterday… XLF.. last two weeks.. possible island top? (it's a little gappy overall) are the financials going to start to squawk about shale OIL loans in trouble? .. weekly sitting on a cliff of sorts..

Weekly banking is confirmed down trend start long term.

[FlowerGirl]

FG,

No wait for below 2000 S & P entry?

R/R favors SVXY ATM....

[L_T]

I mentioned CF yesterday. Blast-off is following through. Lets see how far it can go on this leg. A simple fib extension shows $320 as the next stop. This could take weeks but I don't mind making $$$ slowly.

[fehro]

Building a LONG position in SVXY...
Only questions asked here will be answered...if...

be careful… mind the gap…

[Cobra]

mini pullback target. exceeds it then bulls are in danger.

[DellGriffith]

Most corrections are ABC in nature. The last one was not. It was a V bottom, which is actually fairly uncommon. Today's rally is an attempt to end wave A down.

This is day 6 of the correction. Almost all corrections run between 2-6 weeks, again except the last one which was short. I tend to discount the last correction completely because of the enormous rally from the bottom.

Furthermore, I won't turn bullish until these hard selloffs in the last 15 mins stop. We've been getting those every single day for I think 2 weeks now....

[fehro]

Building a LONG position in SVXY...
Only questions asked here will be answered...if...

be careful… mind the gap…

sorry a tad sloppy with my lines.. fwiw… 60m again SVXY

[BullBear52x]

very very disappoint in da bulls today, out of gas?

[fehro]

SPX possible channel support.. as we drift into the lunch hour…

[grandeG]

I'd say V bottoms were uncommon up until 2013. It seems as though they have become most common since then.

Edit: http://jlfmi.tumblr.com/post/1014164376 ... in-fashion

Most corrections are ABC in nature. The last one was not. It was a V bottom, which is actually fairly uncommon. Today's rally is an attempt to end wave A down.

This is day 6 of the correction. Almost all corrections run between 2-6 weeks, again except the last one which was short. I tend to discount the last correction completely because of the enormous rally from the bottom.

Furthermore, I won't turn bullish until these hard selloffs in the last 15 mins stop. We've been getting those every single day for I think 2 weeks now....

[stingrey]

V bottoms = bear traps. The market has become very efficient at trapping bears at key technical transitions...

[BullBear52x]

In the bears eye now.

[KENA]

Someone was talking about the banking index this morning. Here is a chart from Stocktiming on the BKX.

chart by stocktiming

[fehro]

SPX testing resistance.. .. trying to print another hammer 60m ..5m to go

[Out of Bounds]

Still playing some biotechs and their nice little bounces.

I don't want to get whipsawed. Waiting to see how Cobra's plan goes. So far he is right on it.

[Cobra]

this bull may have legs.

[soku]

i don't really think it is a legit v once more. i feel more like a correction to os. me sitting on hand waiting for janet to deliver.

[fehro]

SPX.. possible neckline break… sloppy shallow RS.. (actually more bullish)..need VIX to break down..