This is NOT an endorsement of ELLIOTT wave
However,
IT DOES POINT OUT that SPT 23rd WAS the P2 TOP
AND That WILL BECOME evident as I posted MANY times from OCT8th to the 19th
Both RED Dragon & I missed participating the rally from OCT 2nd LOW to Oct6th high
BUT we both LAST WEEK had called for a 2day rally off the OCT 2nd LOW
WE GOT JUST THAT
and to boot it got to 1060 as HE had projected and my FIBO math agreed.
NOW we have a potential to drop off to the 1035 area by tomrrow morning
thus allowing ONE more BULLISH attempt Thursday on the Midnite high tide
coinciding with moon 120 Sun at 9pm
BUT TIME HAS RUN OUT FOR the BULL & SPX 1100- IT AINT GONNA HAPPEN
P3 will be a LONG drawn out affair lasting till next March, but just like last Spt,
this OCTOBER will point out GLARING ECONOMIC deficiencies.
more later
Jay
24 comments:
Love your blog Jaywhiz! Keep it up and thanks for your calls!
-Troy
thanks Jay.
Cal what is your guidance for today?
Jay, Coy and others,
Any reading update for the day
.
We are at the early part of my turn window.
I Don't like the way momentum has pooped out.
Out of my longs and 100% short. I may mis a 30 pt rally
but we can't seem to take out 1058 which is key to moving higher.
I'm more afraid of missing the downside than another 30 pts on the upside. If we cant take out 1058 by the end of the day I think
"thats all she wrote." Hmmm... I wonder if the 30 year auction has a problem tommorow ?
Gannsecret
today is a consolidation day. I expect a ramp tomorrow and friday. peak possibly sunday night.
I agree, market trapped alot more traders shorting this morning and yesterday...it's primed to explode to new highs. We should get some major covering to fuel this rally before they pull the plug.
today is a NOTHING day
Tomrrow should by lower till about 1pm, then recover late
SETS up Friday for the KILL
Jay
Dollars been weak and the markets not advancing
Gannsecret
Sol went long. 1080 looks like the next stop for retest. Don't bother shorting this week. We won't drop til Monday.
Jay
could you delete all nameless posts?
Mark
A little more downward bias in the last hour.
Basically, we're sideways till 7:30AM tomorrow. Unemployment claims will set the tone. I have to be on the side of higher claims, even though I don't like the situation.
Millennials, that's age group 18-28, the generation that was instrumental in giving Obama 80% of the popular vote, see a turnover in the 2010 Congressional vote.
http://ndn.org/blog/2009/10/energizing-millennials-key-2010-democratic-victory
Side note: Unemployment insurance funds across the country are running out of money, causing many states to turn to the federal government for help. Wisconsin has been borrowing money since February to pay jobless claims. It's estimated that the state's unemployment insurance fund will have a $2 billion deficit by the end of 2010.
Mark,
at least you put your name to it.
I REALLY would prefer to have commentators who are logged in as followers-
ANON's who SNIP at us are a waste of space, and most of their remarks are NOT constructive.
However, I am monitoring whose who
offer nothing more than annoying remarks and have deleted them.
I was hoping to have 100 members,
AND I know there are some who do contribute meaningful comments who have not logged in.
Its really easy- at the main page just click on the box [FOLLOW].
thanks
Jay
Closed sorts 1050. mkt seems to want to consolidate and go up tomorrow.
Jay,
Is it possible for a top on Oct 12/13 instead of Fri? Time wise that would make sense given that we normally top out after about 8 days after a bottom.
Arak
Yes it is possible for the 13th to be the ACTUAL TOP
Ive posted several times to expect a LOW pivot on the 12th at 10:30= the Jaywiz cycle
which opens the door for a run very similar to SPT 22nd & 23rd
And the 13th has a 2:32 pm Astro
event that should TURN dramatically afterward lower into the 15th & 16th Debacle
(spt 22 @ 10;30 was the LAST Jaywiz cycle)
until it actually happens, we are still debating if it will make another failed high at 1080 or lower high such as 1060
Also we will need to see if Friday EXPANDS the opening of the megaphone from SPT 23rd, or is STILL contracting the rising wedge back to March 6th.
If friday/ Monday takes out spx 1020 by a good margin, then there will be NO doubting the SPT 23rd TOP.
But if NOT, then Yes, I would venture to guess that OCT 13th could attempt to FAIL @1080 again
Jay
This is not a megaphone like many are calling it. It's a descending broadening wedge...very bullish. We can expect to at least retest 1080.
ty
ty
that could very well be and thats why oct13th may become a very critical date.
Jay
I'm expecting around SPX 1088 to SPX by oct 13
I'm short as of the close today and will scale more tomorrow morning if I need to...unless something drastically changes tomorrow.
ptg
Arak
nice trading lately
not
peewee
Deneric call range 1019-1069 to knwo the direction
Flash: MKT: we can still go to 1083 SPX on stinky volume; 10/16, 10/19 sitting out there; I am putting 10/9 out there also right now; TIME
about 1 hour ago from web
MKT: traditionally earnings season is an up-trend :-) Alcoa reports
about 6 hours ago from web
MKT: bulls have a date with 1083, bears with 1011 SPX; watching the ranges...we R going soon; congestion 1048-1056 rt. now
about 6 hours ago from web
jay if you were to solve FLASH riddle: Top at 10/09 (1083 or lower), Low at 10/16 -10/19 (1011 or lower)
or as ARAK says, top at 10/13 and low at 10/19
Or Low at 10/09 bounce to 1083 by 10/19 THE TOP OF THE SEASON?
bloomberg:
Alcoa Reports Unexpected Profit on Cost Reductions
No reaction in futures. -- flat
there goes ALCOA thoery
Hi Sam;
reading FLASH
PROBLEM on 9th
More problems on 16th &19th
1011 could come prior to 1083
BUt I dont think theres enuf time or buying power to get back to 1080, unless that may be TOMRROW's failed attempt
then we could get 1011 on Monday
Similar to Spt 23 to 25th.
Jay
Welcome member #76
Thanks for signing in
Jay
Tomrrow's propens index points higher but it might not do much till after 1pm.
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