Too far too fast

Weekly chart is suggesting that we top just around here. If this cyclical bull is about to die, then this is the line in the sand.

1093 on the S&P is critical imo, give or take 5 points.

chart for reference: http://stockcharts.c...t...95&cmd=show[s201475095]&disp=O

Note: Bought SDS @ 33.33

Edited by rkd80, 13 July 2010 - 09:25 AM.

Weekly chart is suggesting that we top just around here. If this cyclical bull is about to die, then this is the line in the sand.

1093 on the S&P is critical imo, give or take 5 points.

We had 1040, 1060, 1070, 1080, 1085 and 1090s as line-in-the-sand by various posters. And now you have 1093. There are more up above - 1100, 1130, 1170. It won't end there, if it gets there. There will always be a double top scenario in the end.

Shorting an OPEX week is never easy.

Edited by NAV, 13 July 2010 - 09:34 AM.

As for OPEX, the OEX put call ratio has been below 1.0 for the last 15 out of 16 days. That certainly played out in their favor, but they certainly were loading the truck well in advance of the price bottom.

Weekly chart is suggesting that we top just around here. If this cyclical bull is about to die, then this is the line in the sand.

1093 on the S&P is critical imo, give or take 5 points.

We had 1040, 1060, 1070, 1080, 1085 and 1090s as line-in-the-sand by various posters. And now you have 1093. There are more up above - 1100, 1130, 1170. It won't end there, if it gets there. There will always be a double top scenario in the end.

Shorting an OPEX week is never easy.

Nav, your gap up projection missed by one day

Weekly chart is suggesting that we top just around here. If this cyclical bull is about to die, then this is the line in the sand.

1093 on the S&P is critical imo, give or take 5 points.

We had 1040, 1060, 1070, 1080, 1085 and 1090s as line-in-the-sand by various posters. And now you have 1093. There are more up above - 1100, 1130, 1170. It won't end there, if it gets there. There will always be a double top scenario in the end.

Shorting an OPEX week is never easy.

Nav, your gap up projection missed by one day

That's why it's always tough to hold a overnight position against the trend. The trend will get you one day or the other.

Nav, you are right - lines in the sand are silly. They are just as fluid as the sand itself. However I am using this weekly chart I posted as a guideline for what is happening and I believe we are witnessing a bull->bear transition that we have only seen twice in 10 years. This means we could be looking at a monumental short within a few weeks. If I used another EMA, I would have had a different line in the sand - but give or take 10 points the idea is still the same. The beauty is, if I am wrong I will know it real quickly.

Nav, you are right - lines in the sand are silly. They are just as fluid as the sand itself.

However I am using this weekly chart I posted as a guideline for what is happening and I believe we are witnessing a bull->bear transition that we have only seen twice in 10 years. This means we could be looking at a monumental short within a few weeks.

If I used another EMA, I would have had a different line in the sand - but give or take 10 points the idea is still the same. The beauty is, if I am wrong I will know it real quickly.

RDK, through the years of trading i never found any of the ema to work this time they will pierce the 200masince italready ddone on NQ that the push it up say 5% like 1125-1150, Some kind of correction will appear at 1125-1150 whether it leads to another down leg is the question.

I think it does or at worst marginal new highs like 2007 than boom.