Considering we're coming into a 3 day weekend, it's my guess that 1) they will get us slightly green again and 2) what ever is going to happen will be done by 11 am. Why? Let's face it, ahead of major holidays the floors get barren as traders head off for the long weekend. Often times they're just monitoring their positions on Iphones in the back of a limo.
I'd take the DIA's over 124.20
next week we'll see a bounce as new month/new money comes in, and I'd like to catch some of that.
SPX at 1335 Max to stay within the CHANNELeven tho the intraday low of wave 1on Mya5th was 1329.17, the close was 1335pending home sales -N/GThe ENERGY for TUESDAY and the POWER DATA BOTH show a SERIOUS SELL OFF for the DAYChart levels indicate SPX 1295/6as the FLOOR, but they could dip as low as 1287IF we do some mathtake today's high at 1332.81subtract 41.41 lost may2nd to may 5th- 1370-13291332.81- 41.41 =1291.40JayI cant beleive it will ALL happen on Tuesday, BUT THATS THE WAY IT LOOKS.DONT count on June to drop any further- I can assure you it wontJUST as MY graphs showed, the BASE at 1290 matches up quite well with the aboveand the Inverse H&D also predicts a hold at the 1290-95 levelJay
Jay,so you mean next Tuesday is the best and almost the last chance to load longs? Tks!!
"DONT count on June to drop any further- I can assure you it wont"Jay - here is my thinking ... The FED will STALL pomo and end it in June as planned. Market will go into deep downturn (~mid June). People are upset nothing is being done to fix the economy, high unemployment, debt ceiling, etc... So the market continues to move down (~mid SEP). That is when the FED jumps in and say see we told you, we need more POMO and thats when they rocket us higher to take out previous highs. My plan is I went LONG yesterday, will hold until 1-2 week of JUNE and cash out.
I am with you Abdullah...I went long on the close of 5/24...and was a little scared sitting though the open on the 25th. The cycles have been running about 14 to 15 weeks from top to top and that puts a top in about 2-3 weeks. Also we have a good 31-33 trading day cycle running from prior highs and lows and we hit day 33 on 5/25...the mid channel of this daily cycle has been 16 trading days to another top...33 days from the May 2 high and about 16 days from the 5/25 low. But I will sell out at the end of today and buy back in Tuesday morning.
AbdullahIF the MKT drops 300 dow points between now and Tuesday's closethat would be another OPp to GET LONGMay 2 to may 31 = wave 4 FLATAS part of the extension, it predicts a higher high than 1370, or at least 1370 on a closing basis at a minimum5th waves dont have to EXPLODE upward, but June 1st & 2nd has the enrgy to give it a good start. psTUESDAY has SERIOUS Neg energyexpect quarrels, death and disease My 2nd spurt came on energy calling for DEATH also, but the day was not riddled with other supporting negatives, as is the 31st.Jay
IF the market does drop 300 dow points between now and Tuesday's close - I will add to my long position. Will wait and see what happens.FWIW - I spoke with my uncle overseas since he owns a Gold store and he is telling me to sell all gold/silver related stocks (if I had any) ... he thinks Gold will see 900 and silver about 20-25.
abdullahGOLD HIT 1575SPX hit 1575Spx lost 900 pts within 2 yearsCan we expect GOLD to do the same?or similar ?I think so.JayMight try again to break it or match it, but that only gets the bulls hyped upremember when the PUBLIC wants in its time to get out.Watch the ads on TV for GOLD, the more the merrier. The more they tout gold, the more bearish we should becomeJay
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