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We also watch for and correlate with major Bradley dates and Fibonacci Time and Price sequences.
Saturday, October 4, 2008
Where the markets are now...
$NDX in the top picture, $SPX in the bottom picture....as you can see the $NDX has really busted his trendlines...
3 comments:
Anonymous
said...
got to believe that Trannies likely have a busted trendline as well. NDX stocks are shortable. The financials in the S&P won't be shortable until Thurs morning. Would seem to me the S&P has some catching up to do.
Really appreciate your work (even though the math is more than a little over my head). Can't remember a major trendline break like this before.
So, what are your 'predictive' alternatives going forward from here?
Hi Anonymous, Truthfully, I don't have any real projections, there is so much high level manipulation going on that it makes technical analysis much more difficult than usual.
One problem with the apparent bottom on the $SPX is that it is not at any significant node. This doesn't produce much confidence that it's real..
I think the anti-shorting ("official" manipulation) in the financials may help explain the conundrum you note.
Looking back, I believe this shorting "time out" along with hype surrounding recent gov't action was BY DESIGN to allow certain big holders of this financial crap time to sell out to shorts caught in the buzz saw and having to cover.
Given the general economic climate going forward, I just can't see the $BKX staying where it currently is. That may have been the plan, but SURPRISE, SURPRISE, the plan's not working. Just as soon as credit supply is "restored" they'll find there's no credit DEMAND.
Shorts got burned and, I'm guessing, most were forced to cover sometime during the last couple weeks. When the shorting ban expires Thurs. morning, I just don't see where the bids are going to come from.
It might just be the market is going to have to get closer to your node before there are any real bids!!!???
That said, surely?? there's got to be a bounce somewhere in here?? Monday down big. Tuesday down big with an intraday reversal of some degree? If happens, how long will the reversal last? Who knows? But, shorting can (so far) start again on Thurs.
I totally concur with your comments regarding technical analysis right now. This is becoming very "seat of pants" as a 10 minute chart is starting to look like a LONG term chart to me!!!!
good luck and thanks again for all you do and have done.
3 comments:
got to believe that Trannies likely have a busted trendline as well. NDX stocks are shortable. The financials in the S&P won't be shortable until Thurs morning. Would seem to me the S&P has some catching up to do.
Really appreciate your work (even though the math is more than a little over my head). Can't remember a major trendline break like this before.
So, what are your 'predictive' alternatives going forward from here?
Hi Anonymous,
Truthfully, I don't have any real projections, there is so much high level manipulation going on that it makes technical analysis much more difficult than usual.
One problem with the apparent bottom on the $SPX is that it is not at any significant node. This doesn't produce much confidence that it's real..
We'll just have to wait and see what happens...
Regards,
Mark L.
good evening Mark,
I think the anti-shorting ("official" manipulation) in the financials may help explain the conundrum you note.
Looking back, I believe this shorting "time out" along with hype surrounding recent gov't action was BY DESIGN to allow certain big holders of this financial crap time to sell out to shorts caught in the buzz saw and having to cover.
Given the general economic climate going forward, I just can't see the $BKX staying where it currently is. That may have been the plan, but SURPRISE, SURPRISE, the plan's not working. Just as soon as credit supply is "restored" they'll find there's no credit DEMAND.
Shorts got burned and, I'm guessing, most were forced to cover sometime during the last couple weeks. When the shorting ban expires Thurs. morning, I just don't see where the bids are going to come from.
It might just be the market is going to have to get closer to your node before there are any real bids!!!???
That said, surely?? there's got to be a bounce somewhere in here?? Monday down big. Tuesday down big with an intraday reversal of some degree? If happens, how long will the reversal last? Who knows? But, shorting can (so far) start again on Thurs.
I totally concur with your comments regarding technical analysis right now. This is becoming very "seat of pants" as a 10 minute chart is starting to look like a LONG term chart to me!!!!
good luck and thanks again for all you do and have done.
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