7 replies to this topic

[OEXCHAOS]

From this morning's letter:

"... We saw a big shift in the SH which took the 7-day to a Sell, though this is not a market-timing scalpel. We also ot an OEX P/C Buy and an Options Oscillator Buy which is an offset. Momentum all went to Sells, but this didn't happen on weakness, and we know that when momentum backs into a Sell, it's is typically early (or wrong). I thought that we had more strength yet left in this market. I still do. This morning, the Fully Long/Fully Short is Neutral and more importantly, there aren't many Short Bears. That means that there is very little chance of a top today. The tradable message we can take away from that is any weakness isn't likely to morph into something serious and thus we should be looking to buy dips. Note: the hourly Bollinger Bands are very narrowed. I'd not view them as meaningful support or resistance right now."

[NAV]

Given that i am future agnostic, i will wait for the market to show it's hand after the Fed announcement. I am still holding my longs from the SPX 2503 area with 2499 STOP. No change there. The way i see it. we should be in a range between 2505 to 2508 before the Fed. We'll see which way she breaks after that. Per my system, we should not break the 2499 pivot to continue the bull trend. Even the post Fed volatility should not break 2499.

[q4wer]

It might be non-event event

[da_cheif]

u can rest assured that the volatility after 2 pm will be mind boggling.......up and down huge in a matter of minits   .....its allways the same with these fed annoiucements      unless its different this time

[blustar]

I agree, no important top today.

[redfoliage2]

 I'm not sure if this is an important top.   But as usual the first will pullback will be bought.............

[da_cheif]

 I'm not sure if this is an important top.   But as usual the first will pullback will be bought.............

first?

[melonseed]

Based on the poll. Does that mean Monday's gonna crash?