Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.

J. P. Morgan

"Sell down to your sleeping point"

Wednesday, December 16, 2009

Another day another 5pt spx gap

Futures want to pretend that yesterday didn't happen.


Ugh... I want to watch the market about as much as I want to drill a hole in my head.

Yipee fed day.. we can all be on pins and needles, waiting for some language parcing on

"Extended period"

Sentiment "Feels" to me like "Everything is back to normal" "No Worries" "Everyone back in the Pool" IMHO this is enough sentiment to put an Intermediate top in place. There is still word of a "Super Spike."

I went through the charts and the "Santa Rally" is very hit and miss. But as sentiment, there sure are a ton of people "Counting on it"

Still the question is "Do we need a Bear trap above the Widely watched 50% retrace of the Bear market."

It also seems that the trend in volitility is down, I should take some time and look at True range and get some confirmation... but it feels like the market is trying to go to sleep.


5 comments:

Tony said...

Are there any bears left?

Tony said...

Maybe you could plug this into the DSI (TM):

http://thetechnicaltakedotcom.blogspot.com/2009/12/rydex-market-timers-this-is-amazing.html

Eric said...

Not Really, Rosenburg... Kass is doing some "Soft Shoe" action.

but most the "marginal people" are all talking "Xmas Rally"

But as I look at it, the market has to turn here... Meaning end down 50 at least

or it's us, that are doing the "soft shoe". AKA shuck and jive/Rain dance till we are right.

The turn should have happened on Monday, without ending on it's ass. I have to say that the market will run at least until jan 1.

Eric said...

those are some very useful charts if you throw out data that doesn't fit, and +/- 5 days.

Just saying...

I've about had it with looking at some of these charts people come up with. It's like a Rorshack, only they pen in what they see.

It's a butterfly, It's a Demon!
so I guess they see a deamon.

Tony said...

"They" (Whoever they are) need a reason to sell-off. Will Bernanke's talk do it even if he says nothing?

I saw Santelli this morning and he was even more spastic than ever; eyes bugging, veins popping, invoking the shame of our nation onto his grandkids, yada, yada, yada. Is that a sign of a near-term top? Maybe you could amend your DSI (tm) with a Santelli Rage Assessment feature.

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