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Down we go..


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#1 kinga200

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Posted 30 December 2016 - 03:14 AM

at least the 12/2 bottom.

 

I am very short.



#2 fib_1618

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Posted 30 December 2016 - 11:47 AM

Way too early...watch your stops.

 

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#3 Iblayz

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Posted 30 December 2016 - 11:57 AM

I might have to agree here. Just updated my spreadsheets. There is potential for bottoming action right in here. Again, it is VERY possible for upward prices until January 5th at a minimum. Is it weak....yes.......and it just rejected 2243 which, as I said, is a big number. Watching. Opening might have been a massive headfake.


Edited by Iblayz, 30 December 2016 - 11:57 AM.


#4 redfoliage2

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Posted 30 December 2016 - 12:16 PM

We should see serious selling taking place next week when big players are back from vacation. 


Edited by redfoliage2, 30 December 2016 - 12:20 PM.


#5 OEXCHAOS

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Posted 30 December 2016 - 01:52 PM

I went a little short for my breadth model, because I had to. I went flat for our "secret hedge fund" model because I no longer had an excuse to fight the Sell.

 

For Timer Digest, I'm still long.

 

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#6 redfoliage2

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Posted 30 December 2016 - 03:16 PM

I see more downside on the next trading day.  VST support at SPX 2212 is likely to be tested......


Edited by redfoliage2, 30 December 2016 - 03:23 PM.


#7 redfoliage2

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Posted 30 December 2016 - 04:05 PM

I see more downside on the next trading day.  VST support at SPX 2212 is likely to be tested......

But I'd not be surprised to see if they try to bounce up first ...........



#8 Iblayz

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Posted 30 December 2016 - 04:15 PM

Bears won about everything today. Whether it means anything or not the 10 minute volume on that last ES candle (and on the cash) was absolutely enormous......the highest in quite a while. Net on the ES was about seven points up and about eight bottom to top of the candle.


Edited by Iblayz, 30 December 2016 - 04:18 PM.


#9 Iblayz

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Posted 30 December 2016 - 04:24 PM

About the only good thing chart wise (for bulls) was holding 2227.75 ES. There is about twenty points of nothing but air beneath that.



#10 thoughtpwr

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Posted 30 December 2016 - 04:33 PM

Based upon Fri action, I think we put in a short term bottom on Tuesday and rally to resistance for a day or two (which for strong stocks could be a new high). A lot of flattening of the MOVs and turning down occurring, but it still says its okay to stay short the weak sisters FB, VFC, ADI (for retracement to support).  I was tempted to add to shorts today, but the market is likely to produce a bounce from SP 222 - 223 back to resistance before going down again. I will probably close some of my bear call spreads on Tues and look to put them on again by Wed/Thurs. I would get serious about shorting something like AAPL if it rallies to just miss a new high on the bounce we see next week. We probably bounce around the highs until the end of the week before getting seriously weak. I am looking to put on a bull put spread early Tues for the week possibly ABT or PYPL or even AAPL.  The latter should help protect a bear call spread on AAPL if applied next week.  Most stocks are just not making it through resistance at this point and we are nearing downside initial targets.  Next week's bounce (or better) should tell a lot about the market, if you're not hearing it yet. If we close lower than SPY 225 by Wed, St Claus has failed and shorts are warranted.