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, March 31, 2010

A quick Chart

we were looking at this today. I told tony, that this needed to start breaking down today if it's going to. I also wanted to point out the upside target.


I want to point out that my treasuries had a nice run today, The treasuries I no longer own... those ones.

I do want to say that, the list of Bearish blogs is impressive, It is the dopiest that are still bullish. As a contrary indicator, it's something. And Warrants caution.


7 comments:

Tony said...

Why did it "need to start breaking down today"? This momo stuff will fall apart when it's ready, but today was all about window dressing. The best performers had a bid all day: AAPL, bonds, even the dreaded AMZN.

Now we get the churn down. Your chart shows the targets.

Eric said...

Because Failed moves are fast moves.

and I said "Start"... not "needs to break down."

just to make sure the language parsing was correct.

Tony said...

so did today qualify as a "start"?

Eric said...

tested the support 2 more times.

more time support is tested, more chance it will not hold.

Eric said...

Famous last words

Tony said...

reading thechartpatterntrader.com and his latest video. he keeps talking about the Vix and referring to higher high and the stoch and the bullish divergence on the Vix. I'm not sure how valid that reasoning is with the Vix since it doesn't really trade like a stock--- there is is no accumulation nd distribution. Maybe options work like that, but I doubt it. Your thoughts?

Eric said...

It's all just higher highs and higher lows... Or the oposite

but no reason that the vix isn't showing us that volitility is increasing and leading us down.

I think you can look at the technicals of the vix... not volume..

but the only ones I have a hard time with are the leveraged ETF's and my problem is you should just be looking at the underlying asset class.

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