Tale of 2 tapes

Tale of 2 tapes

Going back to Wednesday’s forecast, it appears the $COMPQ is behaving as usual at this point, deciding push a little past it’s 1st gap target.  As of today’s close, we cannot eliminate the upper target from consideration.  A decline below…

Mind Numbing

Mind Numbing

I’m going to make this extremely short and sweet. We are at a crossing point tonight as wave 3 needs to start making a sharp drop very very soon. Something like this: Unless we see some conviction and panic selling…

What’ll ya have, what’ll ya have?

What’ll ya have, what’ll ya have?

I will be concentrating mostly on the Nasdaq in it’s various forms tonight because I feel that it offers the clearest pattern of the group. As noted earlier, both the $COMPQ and $NDX were leading the advance today. The breadth…

Now we’re talking…

Now we’re talking…

I’m a happy camper tonight for two reasons. First I banked some very nice coin on MNTA today. Check out that monster candle, and then go and hit yourself with a kitchen utensil of your choice for not trading this…

Where are we now…

Where are we now…

With the futures pushing higher on the day, particularly the NQ, most signs are leading to an advance in a C wave of minor 2. The question remains the targets. It is quite plausable that the $INDU and even $SPX…

NOT!!

NOT!!

All I can say is I should not have bet my first born on that follow up rally. On the positive side: at least I won’t have to worry about putting money into that college fund anymore. So, it’s apparent…

Finally!!

Finally!!

Since I already elaborated on the implications of the Dow rising above 11,587 in my previous post, I’m going to get right to the point: First, I think it is fair to announce that we eliminated the former heavy weight…

C-ya!!

C-ya!!

Very quick update right after the bell – I will follow up with some more details later this evening. Here’s the gist of it: As the $INDU breached $12,587 we eliminated the near term bearish case – the $SPX is…

A as in Apple

A as in Apple

Apple is up almost 3% today, but that’s not why I’m posting this. Rather, it’s pretty obvious that Scenario A has transpired and that A+ (the immediate push down) can be discarded. As I’m writing this we are actually touching…