I did not do much today and only rebalanced my existing minuscule long/short positions. The market is once again boxed in after failing to hold the inverse h&s pattern. This time, they do not involve the major moving averages. You can take a look at the 10-day SPX chart to see that the SPX is at overhead resistance around 780, support at 755, and a lot of whipsaw in between. I will personally be waiting for an exit from this box to load up on positions.
On the daily chart, if the market flags down here, then the chances of going many more points lower is well above 90%. It’s almost a near certainty. This is why the market needs to spike higher to avoid flagging down at the lows for a meltdown set-up. We formed a doji yesterday which is more of a 50/50 day (not good odds). There’s no rush. Really.
Still reading “When Giants Fall: An Economic Roadmap for the End of the American Era” by Michael Panzner (Wiley, 2009).
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How’s that book so far? If we spike higher than 780 and bounce off of it good spot to add more longs?
CA, what’s a doji?
And no offense but, go check my Feb. 9 PG post where you called me insane. It’s an insane world homey!
TMI, Looks like pretty strong resistance around 800 (Based on Feb. 19 move and w/MA’s heading there). I’d stay in cash for that 20pts., myself.
CA: Need that option/checkbox for: “What ever the number, it is falsified and will be revised for the next report”
Starscream PP or whatever the fuck you call yourself:
If you don’t know what a doji is why are you trading?
I mean seriously, this is the type of uneducated traders that IBC now attracts, man have things gone down hill.
Your IP should be blocked.
SSPP – we’re all insane to some degree.
A doji is an indecision day where neither bulls or bears gain full control of the day from open till close. The day is also marked by a very tight range. Basically, the open and close are very close to each other.
Manuel – I knew I forgot something!
EIX is heading to a new yearly low, it’ll be joining those other 500 companies a day, that are making new yearly lows.
According to the poll, people are hoping for/expecting a depression.
No one, of average age on ibc, has a clue of what a depression of this magnitude would be..many assistance programs would colapse, which normally I would approve because of blatant abuse, and leave working people fucked. People who had never before needed assistance but payed for it via taxes, taxes fees, etc..Scarey shit