The e-minis have just dropped more than 12 points without a significant correction on what I judge to be the highest volume of the day. The market has traded more than 4 points below the previous low of 1046. I think this means that the sellers have once again taken control of the market.
The prognosis now is for a drop into the 1015-20 range.
12 comments:
Fasten your seatbelt or be safe and stay on the sideline.
your good at stating the obvious.
I guess I got suckered due to I believe will rise into Friday...
Carl, would you think that CSCO's earnings surprise might finally give ES that uncorrected push towards 1120?
On a side note, I sincerely hope you enjoy all the snarky derisive comments you get -- so undeservedly!
The right shoulder of a head and shoulder top is being formed. To complete that formation, ES may go up to 1080-85. If we then break the neckline, we will have confirmation of a head and shoulder top unless the FED, and its horses mouth, does something to nullify the formation, like they did the last time.
The primary concern here is trashing of the dollar by the rest of the world and the effect it will have on the stock markets all over the world.
Will the inverse relationship of dollar with the market still hold?
Will the markets still trade?
Where will Obama go with a begging bowl in his hand?
Will there be a world war?
I must be crazy. I think I may be the only one that thinks the market will be up big tomorrow. SPX up 15-20 pts and closing potentially in the 1064-1067 range. Wouldn't be the first time I've been called crazy.
The Mkt is going down. I'm buying at 1000 MIT with a reversal at 998. Very tight stop. I'm watching all the way down to 950. Hope it doesn't happens
This leads credence that we have peaked. If anyone follows Elliott Wave theory, you can also make the case that we finished our classical ABC retracement up before we start another 5 Wave down.
To serve as my confirmation, any close below 1030 will prove the deathnail of this 2009 Bear Market rally.
To add; however, I think today's end of day sell-off represented the C Wave down of an ABC retracement pattern. As such, I'm looking for drop down to 1040 for the market to make another high into the 1075-1080 range(equals the September highs), which would result in a classical head and shoulders top.
WEll, the after hours market is sharply up. Cisco beat and is bringing the Nasdaq up, and this is dragging the whole market up in after hours.
Sounds like tomorrow the market will go up.
agreed,, phase-3 is on the way although I see 1010 target for emini's due Nov 10-11
please discuss openly your lately only random accuracy. what is the cause in your best estimation.
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