35854 replies to this topic

[Sunesis]

Those who missed the upside can start buying here 40300.

If you account is not deep enough, best to sit out.

[Sunesis]

OceanWalz

 

Find an attachment of the S&P chart.

 

Will still have room for more upside. I see some money moving from the bond market and moving into stocks.

Attached Files

•  S&P.png   123KB   8 downloads

[Sunesis]

I know this is not actually very bullish but just for a balanced view from the net I got and that last nights eating frenzy on the S&P500 was mostly just short covering and we are not out of the danger zone:

 

Speaking on S&P500 after last nights close: "I’m contrarian by nature and today’s short-squeeze makes me suspicious.  We’ve come a long way, there are few worries to be found, and the market pops on “unexpected” news Yellen wants to continue Ben’s policies.  No doubt I’m late to the skeptic party, but that is by design.

It was a painful day to be short and many of the buyers were bears forced to cover their losing positions.  While bulls cheered the reversal and all-time highs, the red flag is seeing powerful trade from an already extended market.  Often we embrace powerful moves as signals of strength, but that only applies when there is a huge weight holding the market back.  That is the source of the coiled spring poised to explode higher.  We don’t have that setup here because worries are few and far between.  When we see unjustified strength, we must suspect looming exhaustion.

Now that most shorts have covered, who is left to buy?  That is a really good question.  One I cannot answer.  I don’t have a crystal ball and cannot call tops, but I do trade odds and right now the market feels extended.  While we can easily continue higher, without widespread fear as fuel, the chances of a big move are limited and at best this will grind higher.  On the other hand, if we run out of buyers, there is nowhere to go but down and we have well over 100-points of clear air between us and the 50dma.  While I’ve been a big proponent of this market because confident owners keep supply tight, if we run out of buyers, it doesn’t matters how tight supply is.

Now don’t get me wrong, I’m not expecting a market crash or anything of the sort.  It just feels like it is time for a step-back before resuming our climb higher.  We trade probabilities and risk/reward.  Right now the risks are large and rewards are small.""

SO the above  seems to suggest that US later today will settle down a bit from the previous days short covering  but personally I think our T40s have more upside from here  - FTSE and DAX also in green - East , closed all in green - -- Have a good trading day

When the market has no more buyers, it corrects. Then you see bulls come back at demand zones.

I think that's what happened yesterday.

[davidp13]

Closing the gap or in for more?

[RBM]

40200 here we come

[OceanWalz]

I know this is not actually very bullish but just for a balanced view from the net I got and that last nights eating frenzy on the S&P500 was mostly just short covering and we are not out of the danger zone:

 

Speaking on S&P500 after last nights close: "I’m contrarian by nature and today’s short-squeeze makes me suspicious.  We’ve come a long way, there are few worries to be found, and the market pops on “unexpected” news Yellen wants to continue Ben’s policies.  No doubt I’m late to the skeptic party, but that is by design.

It was a painful day to be short and many of the buyers were bears forced to cover their losing positions.  While bulls cheered the reversal and all-time highs, the red flag is seeing powerful trade from an already extended market.  Often we embrace powerful moves as signals of strength, but that only applies when there is a huge weight holding the market back.  That is the source of the coiled spring poised to explode higher.  We don’t have that setup here because worries are few and far between.  When we see unjustified strength, we must suspect looming exhaustion.

Now that most shorts have covered, who is left to buy?  That is a really good question.  One I cannot answer.  I don’t have a crystal ball and cannot call tops, but I do trade odds and right now the market feels extended.  While we can easily continue higher, without widespread fear as fuel, the chances of a big move are limited and at best this will grind higher.  On the other hand, if we run out of buyers, there is nowhere to go but down and we have well over 100-points of clear air between us and the 50dma.  While I’ve been a big proponent of this market because confident owners keep supply tight, if we run out of buyers, it doesn’t matters how tight supply is.

Now don’t get me wrong, I’m not expecting a market crash or anything of the sort.  It just feels like it is time for a step-back before resuming our climb higher.  We trade probabilities and risk/reward.  Right now the risks are large and rewards are small.""

SO the above  seems to suggest that US later today will settle down a bit from the previous days short covering  but personally I think our T40s have more upside from here  - FTSE and DAX also in green - East , closed all in green - -- Have a good trading day

[gringots]

Gringots, Those pics are from 10min chart and if does not break out of the short term channel it could maybe last till the 18th, if it does break out then we are on our way up

ah ok with you now...

[BBW]

This is where im getting off for now..40600

Damn, should have done the same. Excellent call; glad you're back.

[RBM]

Gringots, Those pics are from 10min chart and if does not break out of the short term channel it could maybe last till the 18th, if it does break out then we are on our way up

[gringots]

Through S1; on it's way to close the gap?

 

 

Triangle formation, coming back to 40200, could last till18/11

I like this scenario, didnt have enough momentum to close yesterday's gap.

I'm short almi at 40590, hoping it closes today's gap but will see what it does when it hits the pivot.

RBM, how do you figure it lasting till the 18th?

[RBM]

Check support and resistance, does this look correct?

[BBW]

Through S1; on it's way to close the gap?

[Olymphia]

I was getting my @@s poked in yesterday.

 

This looks like a V-shaped correction. It bouced back the next day, without giving most traders a chance to buy. Some are just chasing the market.

They miss the full potential of the turn. They will start jumping in when it starts turning.

 

As i gave my example yesterday of the S&P one day correction, the next day it turned without giving traders a chance to buy. Today its reaching all time highs.

The same scenario wants to happen with the Top40.

Also remember that the sell off never breached 39800. And the 1800 point sell off still holds. Sell offs have never breached more than 2000 points since June rally.

 

We need to close above 40700 today if bulls are to continue pushing up. Otherwise it will just be a fakeout.

If we have to follow what the S&P did, then i would say we need to also hit all time highs.

 

S

 

A is right, congrats are in order, u  def hav a huge set of b......S

 

Def. paid off.

 

O

[RBM]

If 40200 is broken we could see 39800 again

[Sunesis]

Must give it to you, congrats for holding on yesterday, at a point the bears had the bulls at the throat...

 

See, you are more of sitter!

 

A

I was getting my @@s poked in yesterday.

 

This looks like a V-shaped correction. It bouced back the next day, without giving most traders a chance to buy. Some are just chasing the market.

They miss the full potential of the turn. They will start jumping in when it starts turning.

 

As i gave my example yesterday of the S&P one day correction, the next day it turned without giving traders a chance to buy. Today its reaching all time highs.

The same scenario wants to happen with the Top40.

Also remember that the sell off never breached 39800. And the 1800 point sell off still holds. Sell offs have never breached more than 2000 points since June rally.

 

We need to close above 40700 today if bulls are to continue pushing up. Otherwise it will just be a fakeout.

If we have to follow what the S&P did, then i would say we need to also hit all time highs.

[RBM]

Triangle formation, coming back to 40200, could last till18/11

[davidp13]

Looking to buy the next low point, any guidance? Maybe around 40500?

[gringots]

Nope, yesterday was end of C and the correction, nice reversal candle on the 5H chart!

 

Viva la bull, went long with this dip and gonna sit on these trades till end of December...Santa rally is on boys!

 

Last night US made a very bullish reversal and busy breaking out to the upside!

 

A

awesome thanks

[Argento]

Now we have to wait for FTSE to open at 10h00, then the party gets going.

 

Tencent is up 4% today.

 

I have to many long positions if i close all of them now. I would have made more than 1000 points without even reaching 41 000 yet.

 

The bulls are back in town.

 

Skep tewyl dit reen !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

Viva La Bull          

Must give it to you, congrats for holding on yesterday, at a point the bears had the bulls at the throat...

 

See, you are more of sitter!

 

A

[Sunesis]

Gold Trader: Gold Signaling “Manufactured” Crash Over Next 30-40 Trading Days

 

Gary Savage, publisher of the Smart Money Tracker daily gold market commentary and trading service, which has outperformed most of the world’s hedge funds in 2011 and 2012

 

Gary indicated that gold is now signaling the increasing likelihood of another overnight sell-off event, similar to what was seen in late June, in which the price collapsed from $1400 oz. to just under $1200 oz.

 

In describing what gold is signaling to the market right now, Gary noted that, “Over the last month and a half, gold deviated and started to follow the dollar down[wards], which I was afraid was a warning sign that gold would be in trouble once the dollar started to rally…and that’s exactly what has played out. The dollar rallied over the last three weeks, [and] gold turned back [down]…almost to the exact day that the dollar started this rally.“

 

 

 

When asked how this bottom might play out on a visual basis, Gary said,“When [gold] bottoms, it will bottom in a v-shape—[and] it’ll come roaring back out…[because] those three funds that have been trying to drive this down…will flip and go long. I think any smart hedge fund manager is looking for this $1000 level, and they’re just like me—they’re sitting in cash and waiting and licking their lips. If [a washout] comes, they’re going to put the money to work…so I think the buying pressure…is going to be huge.”

 

As a final comment towards this potential and imminent crash, Gary noted that,  “The bottom will be an event—very short and we will very quickly rally back up to test [$1520]…and then I think by [next] summer we’ll already be testing $1800-$1900.”   

Traditionally moving opposite the dollar, this latest development in gold according to Gary, suggests that funds are shorting in advance of another,“Typical pre-market, middle of the night hit, where you see 200 tons of gold dumped on the market with no buyers to support it…At least two big banks, I would say Goldman Sachs, JP Morgan, maybe a big hedge fund…are trying to push gold down to that support zone at around $1000. So I think they’re already short, and right now they’re letting the [reversing] dollar do the work for them.”

 

 

Those who trade gold stocks must keep a lookout for this and how it will effect the ALSI.

 

I think once gold hit $1000 i am going to buy gold stocks with both feet.

Be like Warren Buffet, buy when everybody is scared