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Mkt is still resting from the big rise on Monday. It appears the rise will continue without a significant break through the open next Tuesday. Still expecting trend reversal on 25 August @ SPY 118 and DOW 10,930...
I greatly respect your discipline in setting specific stop loss limits. I have lost a lot of money by not taking small losses as the market turns. I am still holding a position from 1200 which turned into a large loss. You have taught me and many others to control risk. Thanks again for not only for your technical analysis but also teching risk control.
Sandy, why August 25?
August 25 is midweek during the last full trading week of August. My best models for individual stocks and the SPY indicate a reversal that week in the uptrend which began on July 1. It is just a best guess based on a number of similar trends. SPY high of day estimate for today is 113.8 and 115 for tomorrow.
1120 is VAH and needs to hold if the market wants to test 1127.50-1132.50 area today!
1120 has held a good long entry right here at 1121!ex
Crude Oil, nearing a right shoulder?
Coal, iron ore, steel, and copper stocks continue to surge and now showing gains of 30% in the past two weeks. Just take a look at the charts of ACI, BTU, CLF, FCX, WLT, and X. Euro is above 131, and nowhere near all of the Bearish predictions of 118.Trade what you SEE.Not what you HOPE to see!
Three big events left this week: 1:retail sale store sales2:ECB meeting Thurs morning3:Jobs release Fri morning. I noticed buying all day and expectinghigher opening tomorrow.Crude Oil seems to go higher to 84..Iam holding long.Always Obliged for making trading easy!GN!
Dear Mama Boom Boom, Yes Oil is near a pivotal top. Have a look at marketkarma.blogspot.com if you have time to see more detail on this. Prompt future contract target is 83.50. In fact, Aug 6 - 9th is pivotal for all markets! MK
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