Tuesday, November 27, 2012

Holding...

I suppose the market action lately can be viewed 2 ways depending on your perspective. We are either consolidating before another move higher, or we are stalling at resistance before heading down again... Flip a coin. I'm 51% sure we're about to see a pullback over the next few days. My systems are holding their current positions. I will continue to follow. Take it easy.
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9 comments:

  1. johnNovember 27, 2012 at 3:45 PM

    thanks

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  2. MicheleNovember 27, 2012 at 4:14 PM

    I haven't done my full analysis yet but right now I'm thinking we're heading lower tomorrow.

    ReplyDelete
  3. JKHNovember 27, 2012 at 5:48 PM

    I'll give a 3rd option, J: The mkt range is contracting as we move into the "December Doldrums" -- a few days early.

    I put on some more shorts today -- and did some superb daytrading today. Action was very good for it, in fact. But, swing-wise (still keeping it small), I see some cracks in the armor here, but the bearish reasonings are mostly just chart action. Mostly the intraday stuff showed a lotta failed upside efforts (suggesting bears are in control somewhat)... What's gonna prevent us from dropping a lot are: (1) December doldrums (2) the masses are withdrawing a LOT of money from the mkts here, so they are too bearish for a good drop to happen. Give me one good down day, and I'll likely start hoarding longs again. If the bulls take out 1409, the bears will panic and cover. The close of 11/21 Sp500 will be VERY key, going forward. Watch the action off that level. It's a magnet right now.

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  4. JamesNovember 28, 2012 at 11:25 AM

    Wow, I was breakeven on this short trade. It lasted a whole 2 minutes until something lit a fire under the bulls' @$$.

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  5. AlgyrosNovember 28, 2012 at 2:29 PM

    FWIW, I don't think the market is done retreating. But, be that as it may, J, do you have any idea what your systems will do today?

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    Replies
    1. RealMoneyIssuesNovember 28, 2012 at 2:57 PM

      I don't think the market agrees with you...

      I am hoping to see some downside (not just intra-day) too :(

      Delete
  6. JamesNovember 28, 2012 at 3:46 PM

    Cobra may call this a "bearish" bullish engulfing candle. Not all hope is lost for bears.

    ReplyDelete

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