I'm wondering about the 3:30 move.... I've been suspecting that it's the day-traders getting out. and it probably will have an inverse move to that of the market. But based on the open....
so down 150 and up to flat at 2. I say the bias will be down...
I also think that they will have noticed the move and try and game it.....
but it's had an upside bias... so I wonder if they will game it wrong....
but... as I sit here... it's going no where...
Wednesday, December 17, 2008
as I sit here
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Just got home and checked the charts. Hope you made some dough with the volatility today.
This still looks like constructive backing and filling with higher high and higher lows.
T.Lo noted the decreasing the volume which is a bit disconcerting. Gold is continuing on its tear... I wonder if we are about to see a parabolic melt-up?
All this bad news, yet the SPY plods along upward... very impressive, but I'm not trading this week (way too busy).
The mutual funds come in buy or sell side at the close, and today it was mostly sell side, that and day traders getting out.
With no institutional buy side, that means money flow is negative. Sentiment has shifted.
The music is getting very soft... this was a nice wave 4 into a wave 5.
we should play that upside resistance against the 5dma...
this is a micro topping pattern, and a macro top as well...
Though let me say based on the wave forms, I'll suggest that we should have a successful retest of the low.
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