two very bullish observations

* i like the overnight tape action. we took a dump, kind of a hard quick dump, but bounced right back above that old resistance on the daily which was/is around spx 980+. that is normal and healthy market action, imho. a quite open in this area would be excellent! there is nothing i like better in a bull move than a down, quiet open. * this is what i hear this morning as to tax policy, which is THE focus on the street and around the market chat sites. mariab on CNBS, and others, have been pulling their hair out and rushing aroung in great anxiety about TAXES. so, this buzz would be REALLY BIG NEWS: *apparently the new administration will cut middle class income taxes in a bill that does not address any tax hikes for dividend, capital gains and high income. they will leave the hikes alone and let them be taken care of when the old administration's tax cuts EXPIRE in 2010 and see what the economy looks like then. listen for hints of this and let me know if you hear more about it. comments?

Edited by humble1, 05 November 2008 - 06:09 AM.

as to dates, some here will remember that 11/5/08 is a turn date. i can certainly see the powerful astro basis for that claim. but, is this it or close to it? is this the sell-off? the most bullish astro tape action is for just this kind of morning: a powerful astro date which does nothing more than cause a healthy, shallow correction. comments?

Everyone knows the Candidate X tax plan, there is no buzz. Turn off your CNBC-it will make you a better trader. The STO on NAMO and NYMO, among other things, are ready to roll over here for a fairly hard drop-look to see if the 930 area or so holds-if it doesn't, you've got problems. There has been no textured bottom here, internaly, and the MCSUMS are not even to the gap resistance area that would signal a new upmove has started-all you have seen so far is a low volume short covering bear market rally-fast and furious as they always are. You may want to keep a set of glasses other than the rose colored ones on hand.

spooky: i don't think you are listening/reading. the new buzz is that no taxes will RAISED, at least until late 2010. but the lowering-taxes part of the plan will be instituted very soon. that lag was not discussed before and is very important for the near and intermediate time periods. but, i do thank you for your comments and your t/a thoughts on why the rally will not continue and why a decline is directly ahead. regards, H1

Edited by humble1, 05 November 2008 - 08:38 AM.

Humble-Thanks, I never doubted no new taxes would be raised at this point-just not smart business in a recession economy, and Candidate X is smart, if nothing else.

that is some hard nose stuff to bust some neutrality into humble, spooky.

folks deserve to experience hope once in a while...good trading to you humble.

the 33.49 QQQQ bullish pivot breakout price either helps you or it does not with trade decisions and timing, but it is one simple chart observation that is clearly relevant on the multi-year chart

this monthly chart was posted a few days ago, with QQQQ in the lower chart area

http://forums.techni...post?id=3077489

Edited by hiker, 05 November 2008 - 08:43 AM.

another interesting and bullish development this morning is the market reaction to the HORRID ADP employment numbers for october: globex hardly budged.

so, is an ugly report this friday priced in now?

here's the full story from bloomberg. the #'s came out at 8:30.

http://www.bloomberg...6...&refer=news


comments?

[quote name='hiker' date='Nov 5 2008, 09:40 AM' post='412443']
that is some hard nose stuff to bust some neutrality into humble, spooky.

Here in Ohio, we call it "tough love" LOL.