Thanks JohnAt 10am we got the rebound highat 11;33- 11;45, we got a rebound highAnd at 1pm falling deeper into the red.TODAY should end with a thud, and tomrrow should DITTO gap open down.IF we are looking at WAVE E as Ive projected, and May 27th is the target low at spx 1160, then there is very little time to FUTZ around.As mentioned previously, Erik Hadik calls this a CRITICAL WEEKand if we start taking out support levels, it shows that way.Commentators on CNBC says he's ALL In as a bull, and Im sure that is the sentiment across the board.Jay
one has to wonder. The market has gone up and up and up in the face of the lousiest news one could imagine. Finally we get some good news (Bin Laden) and the result is we sell? That's not a terribly good sign. You all know, this whole market is a ponzi scheme with no basis in reality. The "musical chairs" market, and at some point the music will stop. I'm not about to say I know it's stopping now...but this is some strange action. For the last 20 months, the game has been to "buy the dip" no matter how stupid it looked, because at the end of the day, you'd be proven smart. We all know that one day you'll buy the dip, and it will just dip again. and again. Is that now? I have no way of knowing. My original "guess" about the overall market direction was that we'd be okay for the spring, but sometime in May - June, they'd go into hiding a bit. Well it is May, so it's got my attention.
126bar cycle pivot at 3pmgives us 204 bars at 3pm tomrrowJay
GOLD hits highs AT 1575, hmmm thats a very familiar number for the SPXJay
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