Monday, October 4, 2010

Market tipped over...

My opinion, today, we just tipped over, This could be 2007-2009 redux...or worse...


Anonymous said...

Hey Mark,

Premarket today seems to contradict.

I think I remarked earlier that I got the strongest sell signal since 8/31 on Thurs, Sept 23. That signal was PROMPTLY negated by the Fri, Sept 24th "miracle" gap up opening.

Yesterday's sell signal from my indicators was a tad shy of the strength shown on Sept 23. In addition, while yesterday's volume in the waning minutes was relatively low, the buying strength looked suspicious.

So, here we are today with another apparent "miraculous" gap up opening.

IMO, this gap up opening (should it occur) MUST fade quickly. Otherwise, it appears to me, another run to S&P 1150+is in the cards aided in no small part by those shorts who have joined us since Sept 23.

Can't help but notice all the real estate gurus scampering into CNBS this morning pimping their wares. Timely.

I thought I had it made on 9/23 LOL!

mlytle said...

Hi Anonymous,

The PPT is out in force this morning, and I may have been premature. I think a top is forming though..Just have to wait a little longer..

Mark L.

Anonymous said...

question is how long?

As I see it, SPY @ 1152.50 or less must be reached by 11:30 eastern or the stars are aligned for yet higher prices today. The close needs to be substantially less than that to nail the rollover.

If the above target is reached, perhaps this will turn out to have been the "strong buy" signal to time a SHORT position!

boy oh boy, regards,