Forget the Santa rally, and pack up on parachutes. That is the advice of Bank of America's chief technician Mary Ann Bartels who in a note today writes: "Test of the October lows is underway – Santa is not coming - Last week the S&P 500 fell below its 50-day moving average which is the new level to watch – 1228. A failure to move above and hold the 50-day moving average confirms to us that we have already begun to enter the phase of testing the October lows near 1100-1074
Forget the Santa rally, and pack up on parachutes. That is the advice of Bank of America's chief technician Mary Ann Bartels who in a note today writes: "Test of the October lows is underway – Santa is not coming - Last week the S&P 500 fell below its 50-day moving average which is the new level to watch – 1228. A failure to move above and hold the 50-day moving average confirms to us that we have already begun to enter the phase of testing the October lows near 1100-1074
L_T wrote:Cobra anything to say about potentially 5 (daily) reversal bars in a row on the VIX or is it just silly / unreliable now?
Still looks like VIX is about to reverse up, well NORMALLY.
Attachments
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.
How I structured a trade today. I've been plinking on the short side and have been able to capture 50 pts. since 12/5. Since this may also be a short term double bottom, I limited my risk to $200 with a tight stop and entry, but was still able to get 500 shares SDS in case there is a decent break to the downside.
Last edited by rhight on Fri Feb 17, 2012 11:05 am, edited 1 time in total.
Swing to Intermediate SPX Analysis - multiple time frame - Daily & 60 min time and price cycle analysis.
Usually trade SSO / SDS
Cobra wrote:volume surge, biggest bar and overshot, bears better hope this is an exhaustion bar...
What happened? Pomo?
Wait till 12/21. Fed plans to auction/sell $16B paper.
What does that mean? The market is going to stay weak till 12/21? Thanks.
It seems to me every time that we had selling auctions, market pulled back. So far all the selling Treasury auction around $8B but 12/21 we have two of them are scheduled , one during 10-11Am and one in Afternoon. We will find out if that has much affect in market. It is just a guess. On buying days seem to me market looks like today, just floating and boaring. http://www.newyorkfed.org/markets/tot_o ... edule.html
nothing to say. still consolidation is not good for bulls.
Attachments
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.
rhight wrote:How I structured a trade today. I've been plinking on the short side and have been able to capture 50 pts. since 12/5. Since this may also be a short term double bottom, I limited my risk to $200 with a tight stop and entry, but was still able to get 500 shares SDS in case there is a decent break to the downside.
Nice work, looks like a megaphone on /ES, but bears need a breakdown still.
"The only way to get a real education in the market is to invest cash, track your trade, and study your mistakes"