14 replies to this topic

[arbman]

Once again, RUT and NDX are lagging SPX among indices and tech, cons discretionary, industrials are lagging the utilities, energy and materials. Treasury yields are still going up. I have never seen big rallies begin this way, but they keep printing right around 1040. Normally you would expect this market to break 1000 this week with 50-60 points slide as this is the same setup as the 1120 top now... All important supports except for 1040 is holding and all other ones so far have turned into just resistance. Tomorrow we may see one of the largest intervention ever in order to keep this parody going, one that dwarfs all the previous ones... Perhaps this explains the financials' leadership...

Edited by arbman, 31 August 2010 - 03:21 PM.

[CallMeIshmael]

Once again, RUT and NDX are lagging SPX among indices and tech, cons discretionary, industrials are lagging the utilities, energy and materials. Treasury yields are still going up.

I have never seen big rallies begin this way, but they keep printing right around 1040. Normally you would expect this market to break 1000 this week with 50-60 points slide as this is the same setup as the 1120 top now...

All important supports except for 1040 is holding and all other ones so far have turned into just resistance. Tomorrow we may see one of the largest intervention ever in order to keep this parody going, one that dwarfs all the previous ones... Perhaps this explains the financials' leadership...

So while we wait with bated breadth (pun intended) this 4.99 (Indu) up move after a 165 pt. down day yesterday is the best they can do? What if the Fed intervenes heavily before the open and we still close down for the day? What'll they do then? It looks more and more like they're reaching the end of their string. They couldn't even hold 1050 today, and that on light volume. What a strong day! One day, maybe tomorrow they'll go through 1040 like a rock in water. Not a pretty picture.

[TechMan]

First of all, this is not a big rally day although I had thought it might've worked out that way. It turned out to be just another blue bar added to the Elder Impulse chart - another day of split decision between buyers and sellers. Now, having the Financials leading while the Consumer Discretionary's in the green on a flat day like this is not "Terrible Leadership". It's actually quite instructive and constructive.

Edited by TechMan, 31 August 2010 - 04:43 PM.

[andiron]

looks me to market will try to force FED's hand in QE by selling off.. the probability of a rally from here is low...it is basing rather ominously around 1040 level.. Sticking w/ fast day trade and small overnight position

[TechMan]

Oops, thought I had loaded the wrong chart above... O.K. Looks fine. No need to re-post then. Sorry, multi-tasking...

Edited by TechMan, 31 August 2010 - 04:53 PM.

[Islander]

Treasury yields are falling. Many are fleeing to bonds even at 136, which is a tell by itself.

The rest of the action is merely a top forming, it will resolve in a slow and inexorable decline as the traders clear out their volatile holdings, No heroes here but once it starts, lots of chickens.

The volume on the Spy today was a tell. The rise in price was a major hedge was selling off with a clever cover, it was quick and on falling volume in the after market the blood will flow, or is it a dark pool this time? No rules there on manipulation. When the liquidations commence hold on.

Best, Islander

Edited by Islander, 31 August 2010 - 04:58 PM.

[SemiBizz]

Seems like deja vous... but as I mentioned last time...

You have your leaders and then you have your leaders...

I'd say there's no problem here.

Semiconductors doing a fine job of leading market.

http://bigcharts.mar...&mocktick=1.gif

[ronkw]

Speaking of semiconductors....SMH

http://stockcharts.c...4223&r=8209.png

[TraderMark]

It is actually very simple, for obvious reasons they will do everything to keep this above, or very close to the DOW 10,000 'psychologically important' number'

[qqqqtrdr]

Again.... Sentiment is too bearish here... Also, if brokerage houses want to push the market higher, they can do it by buying the large caps, but breadth would terrible... This is not happening folks.. Breadth is good.... Also NYSE volume has increased dramatically today over the NASDAQ this is short term bullish.. So there are positive signs in the market. I must also say OEX Put/Call was 2.13 for the day.. This is high for the second day in a row.... OEX Put/Call is not a contrarian indicator like Equity and CBOE Put/CAll.. This ST signal alone is a thorn in my side and make me wonder if I should sell my QLD and SSO and play the short side.... Best Regards, Barry