Friday, June 5, 2009

My Desktop


1) VERY high sell volume
2) strong sell off in sectors (IYR, XLF)
3) appl reversing
4) -1000 TICK !!!!!
5) Dollar breakaway GAP


short since the GAP fill. Will add more on retracements.

8 comments:

  1. Wow. That was a nice little drop! I'm shocked there aren't a ton of comments here??? Sam, where ya go? That was your bread and butter there.

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  2. any EW'er ... this is a perfect setup. Wave 1 from top to bottom, wave 2 perfect retracement here.

    Retracement wave 2 had a perfect 1-5 setup as well.

    If this will complete as a full 1-5 we should be seeing 924 again. Maybe not today but the count makes sense for a target. I am still too scared of a bear to make any big moves here.

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  3. just another disclaimer for EW. EW gives you an illusion of a pattern as you can find a count for either side ... bull and bear alike.

    The majority of the time wave targets coincide with support and resistance as well. So either way - EW is a guide at best but not a pattern to trade against.

    Just my humble opinion. It works, I know, but no one ever goes back to the counts if they did not work - they just come up with a new count to support whatever case they want.

    (yeah yeah do not want to get bashed by the bulls here lol)

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  4. big move incoming. 5 more minutes here. should give 7-8 points to either side within 30-45 minutes.

    Not sure which direction ... 50/50 at this point.

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  5. samalamadingdongJune 5, 2009 at 12:20 PM

    chaugsy - waiting for you to get bullish before i get bearish. : )

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  6. you will be a bull for life then =)

    Regardless of my views. You can take whatever information I present to either support your positions or not. Up to you. I am very light at the moment and do expect us to go higher here.

    Take a look at the 60min and tell me the sell volume you have seen there (compare to other 60 mins during this rally) does not scare any bulls. Yes it appears to have the making of a nice trap, I give you this, but at the same time being bullish here is a scary sight.

    And after all, you are coming to a blog with the owner being very bearish. No matter how objective I try to be, it will always have a bearish tone (not saying I have tried to be objective since mid march).

    I got too confident with a bearish view since it has worked great for many many months - here it is to haunt me.

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  7. Hi guys, I was wondering what your thoughts were for UNG and gold miners?

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  8. Hi Chris, do you see more down today or Monday?

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