It’s All About Jobs
Wednesday, February 3, 2010 at 9:35 pm
There should be a pretty clear direction to where the market is heading, near-term, after the jobs report on Friday. If we take a look at the S&P 500, we are sitting right above the 100 day moving average, but below the 50 day.
The bears are licking the chops right now with 50 day moving average up ahead, as that is there chance to go all-in short with a clear exit point if they are wrong. On a move above the 50 day, I think you got to be a buyer of the market here, and a buyer in size.
Get your buy and sell list ready, a significant move is coming.
RC- Am I wrong to say that we broke out of a falling wedge this week and that is a bullish continuation pattern of the overarching trend?
hard to say with jobs report ahead, technicals don’t mean much right here. We are on the verge of breakdown, or a bottom type- buy the dip move. After the report, I think the direction will be clear. Right now it’s just a crapshoot.
Get your lists ready.
Amen to that dude - no matter how much you like or dislike using technicals, it comes down to being a technical game right now.
A strong move to the 50 day (or a little above where we ended the first big volume down day) would likely put the PPT hybrid near 3.00 which is typically a sell though.
All trends are to be broken, it is possible to break above 3, and stay above 3.
It would be fun to move lower here. So many sweet looking bearish setups come to mind.
SQNM looks very interesting with the moving averages
Great job RC!! Keep up the great work dude.. WHO DAT!!