Sometimes what looks bullish is very bearish

Last week when we collapsed to SPX 1030, bulls had a great opportunity, which they missed. That great opportunity was a retrace and failure, without making new recovery highs on SPX. That failure with a divergent bottom on the MCO (a complex bottom) would have been very bullish, cuz that would have mean't that this whole decline into the 20 week lows was a high level trading range/consolidation business. But the bulls blew it. They made new recovery highs on the SPX with a non-confirming A/D line and worse not accompanied by any breadth spike. Now if a decline here results in the break of SPX 1030, before the daily turns back up from a oversold condition, then this entire rally from March 09 is over. If SPX 1030 goes, forget about July 09 memories, it will July 07 memories resurfacing all over again. Again, one baby step at a time...

This is what happens when you are in a hurry to take out 1200... Just kidding...

The bottom is not easy to pick . But the top is even more difficult :). Seven days up, one day down. It may be bearish. It may be not.

Last week when we collapsed to SPX 1030, bulls had a great opportunity, which they missed. That great opportunity was a retrace and failure, without making new recovery highs on SPX. That failure with a divergent bottom on the MCO (a complex bottom) would have been very bullish, cuz that would have mean't that this whole decline into the 20 week lows was a high level trading range/consolidation business. But the bulls blew it. They made new recovery highs on the SPX with a non-confirming A/D line and worse not accompanied by any breadth spike. Now if a decline here results in the break of SPX 1030, before the daily turns back up from a oversold condition, then this entire rally from March 09 is over. If SPX 1030 goes, forget about July 09 memories, it will July 07 memories resurfacing all over again. Again, one baby step at a time...

Last week when we collapsed to SPX 1030, bulls had a great opportunity, which they missed. That great opportunity was a retrace and failure, without making new recovery highs on SPX. That failure with a divergent bottom on the MCO (a complex bottom) would have been very bullish, cuz that would have mean't that this whole decline into the 20 week lows was a high level trading range/consolidation business. But the bulls blew it. They made new recovery highs on the SPX with a non-confirming A/D line and worse not accompanied by any breadth spike. Now if a decline here results in the break of SPX 1030, before the daily turns back up from a oversold condition, then this entire rally from March 09 is over. If SPX 1030 goes, forget about July 09 memories, it will July 07 memories resurfacing all over again. Again, one baby step at a time...

The ticker is so awefully bearish.... I won't be surprised if 1030 is taken out. sub 1000 levels are here again.

I ve never seen such bearish ticker for nikkei, more bearish than the usually bear market uptrends.

I see breadth not participating in the 7-day rally ... This is getting weaker. It can change. But we have signature of a good probability of a top... Spike in $NATV:$NYTV breadth not participating... Narrowing advance in large cap stock... volume descreasing with increase in price... etc..... Barry

The bottom is not easy to pick . But the top is even more difficult :). Seven days up, one day down. It may be bearish. It may be not.

70 points in less than two weeks... I wuoldn't call that a missed opportunity, or bulls' failure

Last week when we collapsed to SPX 1030, bulls had a great opportunity, which they missed. That great opportunity was a retrace and failure, without making new recovery highs on SPX. That failure with a divergent bottom on the MCO (a complex bottom) would have been very bullish, cuz that would have mean't that this whole decline into the 20 week lows was a high level trading range/consolidation business. But the bulls blew it. They made new recovery highs on the SPX with a non-confirming A/D line and worse not accompanied by any breadth spike. Now if a decline here results in the break of SPX 1030, before the daily turns back up from a oversold condition, then this entire rally from March 09 is over. If SPX 1030 goes, forget about July 09 memories, it will July 07 memories resurfacing all over again. Again, one baby step at a time...

70 points in less than two weeks... I wuoldn't call that a missed opportunity, or bulls' failure

Obviously you know what i am talking about. I was talking about what would have been a sustainable bottom vs what could end up as a major top. If you picked the exact bottom and exited at the exact top and made 70 points, then more power to you. The only one i recall entering close to the bottom and exiting at the top was qqqqtrdr.