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…I am eating a sandwich. Today is an inside, doji day after Friday’s huge reversal rally. My opinion is that it is important to not be too dramatic in this situation. As ugly as the action feels, the broad market has not sustained any technical damage that has negated Friday’s rally.
In other words, chill out and come back tomorrow.
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[youtube:http://www.youtube.com/watch?v=5DFXRceCCuw 450 300]r
Goin’ for a sangwich AND a tall, cool adult beverage. Is anyone else getting tired of parentheses, minus signs and the color red????
cNwIG!
Thought it was interesting that JJC has been a stud all during todays action UPRO anyone?
Today is an ugly downtrending channel today and we’re closing on the lows
No digestion or indecision out there, just one big fade
Financials sucking and look at SMH, that chart is just 3 sides of ugly
Intraday, yes. On the daily charts, this is a textbook inside day, with the frustration and negativity that usually accompanies it.
The daily charts on the financials are what worries me the most
They’ll need to bottom out before we go anywhere
drop by kansas city and i’ll gladly treat you and your SO to a KC strip steak &etc. if you see this market end the week to the upside, chess…..
but then again… been wrong before….
short BP AAPL TNA etc.
good luck
I’d currently be running around with hair on fire, trampling your sandwiches … if not for being solely into VXX, in my scarebear cave. TNA might coax me out tomorrow, though.
Nice perspective, as always Chess.
looks like technical damage to me on a daily, reversed right at trendline on s&p
Peely:
if you can take a look at the 30 min. 25day chart of SPY, this damage is even more apparent!
cheers
Don’t mean to interrupt, but….
anyone watching what’s going on after the close to QQQQ SPY &etc.?
If we lose 1039/1040 again I will be right there with you. However, today was still a classic inside day regardless of how bad it felt or looked.
and you are totally correct, my friend… the price range today qualifies…
IM(never to be confused with)HO, the 30 minute and 65 minute daily charts and the weekly/monthly give little comfort…
multiple time frames can be useful, too… (actually, that is my HO)
BTW, Chess,
your contribution to iBC is great!
pls; keep up the good work!!!!!
your work is greatly appreciated, and is ALWAYS good food for my little brain!
Thanks, Jim.
I am watching TBT very closely. If the sell-off in TLT from Friday is reversed, I am going all short immediately.
Chess, are you long COCO? You brought it to my attention, and I’m up a little over 7% right now. Thanks for the idea.
Quickly stopped out a few weeks ago after timing the trade poorly. Well done by you for timing it right!
Enjoy your work and thank you for it.
Please take a gander at APT. Solid fundy’s with an interesting, wedgie chart.
Would appreciate your take.
Thanks!
Brutal chart. If it is a long term fundy play for you, perhaps there is value here.
That’s no doji…. it’s a space station!