OK. This ain't July's rally.

Decision Point:

At this point, I am still expecting a price low at the end of this month based on the 20-Week Cycle low projection, but it doesn't look as if the price correction will be too severe. My reasoning is that so far short-term oversold conditions are generating very strong bounces. Of course, this could change in a heart beat, so keep an eye on it.

Technically speaking, we do not yet have a down trend -- we need a lower high and a lower low.

We got the lower high and lower low finally.

Laundry:

Download Latest T Theory Chart and Data

Thursday Nov 12th Comment: Failure to carry through is disappointing. The AD Line double bottom should hold but if it doesn't my original forecast of a late Nov low at the lower green envelop may result.

This looks like it's gotta drop:


Tick tried but NYMO didn't go.
http://stockcharts.com/c-sc/sc?s=$TICK&p=D&yr=1&mn=0&dy=0&i=p59190029457&a=112527926&r=6308.png

We got the lower high and lower low finally.

Where do you see a lower high and lower low ? Which index ? Certainly not on SPX.

We got the lower high and lower low finally.

Where do you see a lower high and lower low ? Which index ? Certainly not on SPX.

Hit your "Refresh" button.

SPX:
11/11/09: High 1105.37 low 1093.81
11/12/09: High 1101.97 low 1084.90

Look here: LINK
Look for red "SELL CONFIRMED"

We got the lower high and lower low finally.

Where do you see a lower high and lower low ? Which index ? Certainly not on SPX.

Hit your "Refresh" button.

SPX:
11/11/09: High 1105.37 low 1093.81
11/12/09: High 1101.97 low 1084.90

Look here: LINK
Look for red "SELL CONFIRMED"

Got it. You are talking about the hourly charts. I was looking at the swing high-lows on the daily charts.

Got it. You are talking about the hourly charts. I was looking at the swing high-lows on the daily charts.

I figured that. No down trend confirmation for sure.
But heck at least it finally had one down day.
It's a start.

Edited by Rogerdodger, 12 November 2009 - 11:21 PM.

I noticed this comment at American Bulls where several stocks recently formed a bullish pattern which failed:

"The market is an inviting one for short-sellers. Risk lovers may now go for short sale. The market is already moving on the side of shorts ignoring the confirmed bullish patterns."

Got it. You are talking about the hourly charts. I was looking at the swing high-lows on the daily charts.

I figured that. No down trend confirmation for sure.
But heck at least it finally had one down day.
It's a start.

RUT is one of the indexes which is already in a daily downtrend with lower highs and lower lows on the daily charts, one which bulls would dismiss as not significant. Yesterday, it gave a continuation sell on the daily.

RUT is one of the indexes which is already in a daily downtrend with lower highs and lower lows on the daily charts, one which bulls would dismiss as not significant. Yesterday, it gave a continuation sell on the daily.

As I've been faithfully pointing out for the past four weeks. Here's the chart I posted last night.