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Anything Can Happen In This Crazy Market, But Today's Action...


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#1 Macro Speculator

Macro Speculator

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Posted 09 August 2011 - 03:05 PM

...should provide a bottom for at least 1 week+ based on past experience. We just got the parabolic explosion I wrote about on the other thread based on the effectively absorbed supply from 2:20-2:45. 1) Classic reversal signs --Huge supply absorbed effectively for the first time in this crash following the Fed meeting. --Clear hammer formations all over the place --Turnaround Tuesday Fed Meetings --Gigantic volume green day. This is the biggest volume green SPY day in years. --Short term hourly momentum is the strongest on the upside that I have seen since mid-July --A market full of greedy shorts could provide extra upside in an anotherwise weak market.