the rate cut of jan 23rd occurred as the markets were making inmportant cycle lows, and thus the rate SEEMED to have an effect on the market. Actually the market had an effect on the fed inducing them to cut rates.
Now On Jan 30, we hae a double rate cut and the market at first said hooray, but the volume to sustain a rally was lacking and some bullshit story about downgrading some obscure financial institution made the headlines. Man what crap. Volume was the key today.
The market was due to rally and fall with or with out all the rhetoric.
Tomorrow is scheduled to take a further hit and the 259 bar cycles @ 10;30am on Friday.
That should represent a buying opp to get the spx to close at 1380 on or b4 Feb 6th.& Still got
Feb 6th first hr as an important TURN leading to a devastating followthru to retest and or break to new lows on Feb13th.
Best in 2008
Jay
2 comments:
Thanks, Jay.
A few hours later the question arises:
Was Jan 30 [Wed] a HIGH or a LOW?
For Feb 6 [Wed] to become a High @ +/- 1380, shouldn't there be another Low on Feb 1-4 [Fri/Mon].
Here's another sketch:
Feb 1-4 [Fri/Mon] = High @ +/- 1380
Feb 6-7 [Wed/Thu] = Low
Feb 12-13 [Tue/Wed] = High
Feb 20 [Wed] = Low
Feb 25 [Mon] = High
Feb 27 [Wed] = Low
You wrote on Wednesday, January 30:
"Tomorrow [= Thu, Jan 31] is scheduled to take a further hit and the 259 bar cycles @ 10;30am on Friday [= Feb 1]."
Do you expect these scheduled hits to be HIGHs or LOWs?
Thanks.
Post a Comment