Volar is having his hands full as he’s trying to trade without an Internet connection, functioning central heating, and food in his fridge, whilst fighting off alien invaders with a dull steak knife with his right hand tied behind his back. Plus the zombies over at MF Global refused to close out some of his client’s positions last week. Gee – I can only imagine the amount of stress he must be dealing with. We’re rooting for you mate and I hope you rats are sending him any charts he needs at his very whim.
Anyway, the poor fellow managed to free his right thumb and type me a quick email about the FDOM stats he shared with us back in August. Don’t [...]
The spoos spent much of today correcting in a fairly orderly manner – crap & camp – pretty much textbook. Now, the big question that’s probably in your tortured minds is whether or not the perma-bears were right for a change or if this is just the short term shake out I proposed last weekend.
After falling away from a whole cluster of green we’ve got a brand new NLBL at 1267.5 right now – alas, a first attempt to breach failed. With two more hours left in the session we do have a sufficient time left for the real players to show their cards. If we fall back down I would be mindful of the 1257 mark – a violation of the 100-hour [...]
We have a tasty retest variation buy on the 60 min es z1 chart right now. The upmove of Thursday showed the bears that this market wants to go up.
We have a clearly impulsive movement up, and a clearly corrective movement back down, to support, at the 50 ema.
Then we have a RETEST VARIATION BUY SETUP on the 60 minute chart.
This is a good setup, a retest of the lows, with trend, after a proportional corrective move, at support… it all smells like another leg up to me.
Wait until it breaks the 60 minute high long @1273.25 stop 1267.75
Retail has yet again turned completely beartart. Starting Thursday afternoon the usual suspects were once again predicting a major impending correction if not a repeat of the 2008 crash.
Exhibit A: This chart apparently ‘proves’ that we are in a repeat configuration that must resolve to the downside.
Well, I better dust off my time machine and tell those poor schmucks in 82 that the tape is going to drop into oblivion. Almost the identical formation (don’t argue with me – I spent a whopping 30 seconds looking for a similar pattern), and without doubt it will resolve to the downside, yes?
Well, except that it [...]