Thursday, June 17, 2010
All $SPX trendlines at close today
Tomorrow the bright overhead orange trendline is at 1122.17 and the daily Bollinger Bands look to be at about 1123. Hourly bands are at about 1120...Being that they're all pretty close, they should reinforce each other...The narrowing of the hourly Bollinger Bands on the lower chart implies that some significant move is afoot...as does the Fast Volatility measure at the bottom of that chart.
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3 comments:
LOL! looked ok at lunch time when I checked only to find a final 1/2 hour rocket ride when I got home.
Agreed on the oil thing ... market won't be able to hide from what it means much longer. Plus, just imagine what might happen if the big sister volcano in Iceland suddenly decided to crank up.
Bottom line: the oil spill is a true BLACK swan. If one assumes market involvement and rule buy gov't and / or other assorted quants ... there's no way to escape this realty regardless who writes the code.
Their little rally ("their" being whoever provided the bulk of the buying in last half hour) better enthuse Mr. Retail or "they" may have a hard time finding the bigger sucker to buy this plump pig. Maybe that's what option expiration is for?
Staying short, will sleep just fine.
regards,
Hi Mark,
Held off until options expiration day (today). Picked up my shorts today...
Good Trading
Cheers
Hi Guys,
I too am short, I feel the narrow hourly Bollinger Bands are directly related to the very close proximity of the rally snuffing trendline just overhead...
On Monday it declines to 1119.96 on the $SPX, and 1117.78 on Tuesday, so the 'boom' is being lowered on this market...
Mark
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