You know it was coming. You may choose multiple answers.
I am back from taking a full week long break. I think all the negative news was starting to get to me. When you wake up in the morning and read the WSJ and IBD, you mostly find bad news. When you turn on CNBC, you find more bad news. Finally, while reading your favorite blogs, you come across even more bad news. I had to stop that news flow for a few days and just get away from it all. I am back this week to resume my regular trading activities.
Take a look at the SPX and COMP below:
We are in long-term symmetrical triangles. What the market is figuring out right now is whether it wants to go up 20%+ or down 20%+. Ultimately, I do believe we head lower, but not before some major whipsaw to flush out more traders. In the short-term, you can see that the market is forming a multi-week flag. On the SPX, it is between 800-870. On the COMP, it is between 1430-1600. I don’t even bother using the DJIA anymore as it is skewed quite a bit.
One important thing to note is the 50-day MA. Currently, the SPX is trading below it while the COMP is churning above and below it. Both are technically extremely bearish. Take a look at the REITs as the vast majority of them are either breaking down or setting up for a break down. This is in addition to my favorite sector (financials).
In other news, something like this really scares the shit out of you.
Enjoy your break today.
Current Winner: Erin!
Sorry, but I have to add Margaret in here too:
Wow that’s really messed up, I’m heading to Costco stocking up bottled water all that i can afford. Good to know you are back for trading!! Let’s knock Tim outta his number 1 spot on Covestor!
CA: Unless I’ve read you wrong, you’ve basically said you think we’ll head higher before the plunge.
You’ve drawn attention to the volume bars for 2009. What is it about the volume that helps formulate your hypothesis?
Morning –
Steve, don’t forget to buy some guns and canned vegetables.
Juice, we’ll continue to have more sideways action that will frustrate traders. This is where people have to be cautious.
What’s interesting on the SPX is that on the mini-rally before Feb, the volume decreased. On the mini-rally on the first Week of Feb, the volume increased. The vol remains irregular throughout this consolidation. A sign of caution.
COMP vol remains constant and level.
thanks … very good observation ! berry good 😀
Freaking French Drivers.
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and buying some SNUGGIES to keep myself warm..?
lol check the results on the vote… Dennis Kneale has a larger percentage in votes than most female anchors!
Zmoose — that’s because Boca and Lady Gee keep re-voting.
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I think Dennis Kneale keeps voting for himself.
Dennis, please stop.
lol @ dennis kneale option in the poll
I cannot tell a lie; I voted for Mr Pahtaytah Head.
Liesman has the nicest titties.
lol Boca, Lady Gee… Dennis… Fess up!!
http://www.radaronline.com/quiz/2007/10/fox_news_anchor_or_porn_star.php
Fox Biz or Porn Star?
Seems as though I know FOXBusiness better than Rupert Murdoch… 9/10 bitches.
Seems as though you know porn better than Hugh Hefner.
(j/k btw…I scored 3/10)
Tooshay CA, tooshay! It just so happens FOXBusiness has some attractive anchors and I know them well.
=P
you forgot the hot HK anchor….I think her name is Emily Chan
A very nice diverse taste in women with Erin taking ~25% of all votes.
I could only fit 19 women + 1 Dennis Kneale. Sorry.