Tuesday, April 22, 2014

$SPSUPX--New Highs?

All I see is overbought and technically weak.  New highs?  I'm not banking on it.  GL

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$INDU--Still Looking for a Top

As difficult as this counter-trend rally has been, I'm still looking for a top here.  Nothing in reality or technically has altered my view.  Yes, price has moved against me; however, patience will win out.  GL

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Sunday, April 20, 2014

$SPSUPX--More Upside?

CVI is ferociously overbought and momentum fades.  You decide.  GL

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!CVIDJI--How close to a new high?

If you study this chart from StockCharts.com for !CVIDJI, you will see how close we are to making a new high--not far point-wise, but technically we have an ocean to cross--53 to 90.  To my way of thinking INDU and SPX make new highs on Monday--nothing else, and then things start to crumble.  The breadth is just not there.

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Saturday, April 19, 2014

Technical Market Report for April 19, 2014

Technical Market Report for April 19, 2014

The QQQ ETF Has Fired Off A Warning Shot

The QQQ ETF Has Fired Off A Warning Shot

$WLSH--Bulls Bounce

With margin debt at all time high of 466 billion dollars and the CBOE Skew Index hitting all time high last week, and with housing starting to stutter and the employment participation rate where it was 40 years ago and corporate insiders more pessimistic than in decades, it is very hard to see how far the these bulls can bounce--that they are bouncing at all is impressive since optimism is utterly untethered to data.  Faith--it's their faith in Yellen, and . . . and what?  That's what I want to know.  What is keeping these bulls alive--other than if it tanks now, they know it's going down big time.  This next fall has been setting up for at least a year now.  When it comes, it should be spectacular.  GL

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Wednesday, April 16, 2014

$BPNDX--New Highs for Averages?

As long as 16,456 holds in INDU, the bulls can buy whatever they want.  As wave count goes, it looks like instead of a ABC flat, we have a DOUBLE ABC flat, which should end this morning and send stocks reeling.  GL

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Tuesday, April 15, 2014

$COMPQ--Add to Shorts

With the $COMPQ bouncing off its 200 day MA at 3942 and wave formation looking like wave 1 of 3 was completed at the same time, I would add to shorts here.  GL

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The Economy In Pictures

The Economy In Pictures

$RUT--Going Lower

This being a third of a third in all major indexes, we are going lower.  First target for $COMP is 3920, though the market could easily exceed that number.  GL

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$RUT--This rally is almost over

Get ready for the spill.  Good luck

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Monday, April 14, 2014

$SUPHLP--Don't get too teary-eyed over today's rally

Because nothing is holding this baby up.  A big spill should begin tomorrow.  Good luck.

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