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i will go way way out on a limb here just for the heck of it


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#11 gannman

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Posted 23 June 2020 - 11:58 PM

the market will tell us tomorrow good time to watch imo 


feeling mellow with the yellow metal


#12 gannman

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Posted 24 June 2020 - 12:33 AM

one last thought here look at the utilities look at the banks 

 

look at the transports that last made a new high in 2018 

 

big red flags imo .  doesnt mean it cant go higher but a major top is coming imo 


feeling mellow with the yellow metal


#13 Russ

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Posted 24 June 2020 - 06:34 AM

one last thought here look at the utilities look at the banks 

 

look at the transports that last made a new high in 2018 

 

big red flags imo .  doesnt mean it cant go higher but a major top is coming imo 

Do you have some technical reasons too?  Gann stuff?    Interesting that the reason for over night weakness now is because of virus fears, contrary to what Darris suggested. 


"Nulla tenaci invia est via" - Latin for "For the tenacious, no road is impossible".
"In order to master the markets, you must first master yourself" ... JP Morgan
"Most people lose money because they cannot admit they are wrong"... Martin Armstrong



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#14 gannman

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Posted 24 June 2020 - 07:19 AM

the elliott count looks either finishedd or very close to it imho

 

and dow theory says a healthy market should have the down and transports making 

 

new highs together hasnt happened in a long time

 

the utilities fell in 5 waves not good and utilities tend to lead


feeling mellow with the yellow metal


#15 dTraderB

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Posted 24 June 2020 - 07:53 AM

Put/Call Ratio 21d hit the second most overbought in 20 years, exceeded the January peak, and *turned down*.

If history is a guide, this could add significant risk for an important top in Equities.

Odds are growing for a sharp correction into Q3 magnitude to be determined. https://t.co/9aNu3EzRxd

#16 K Wave

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Posted 24 June 2020 - 07:53 AM

that could turn to be a significant turnover by the bulls over night.

 

Until yesterdays' battle ground area is reclaimed by bulls, I still have Dow 23700 as a potential target on the downside.


Edited by K Wave, 24 June 2020 - 07:54 AM.

What A Beautiful Black Sky


#17 K Wave

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Posted 24 June 2020 - 08:23 AM

will be watching BIG 5 action today....if they finally start to crack some, would be more likely bears actually have the ball back for a bit...


What A Beautiful Black Sky


#18 12SPX

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Posted 24 June 2020 - 08:24 AM

Wow that is quite the put/call ratio chart except below you've got the most shorts in 9 years lol!  This is why I prefer to never be a bull or bear, easier to sell premium both up and down and putting more emphasis on whatever side may look vulnerable.  For example this month heavier on calls but still have some puts that I'll add to if they get stopped out lol!!! 



#19 K Wave

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Posted 24 June 2020 - 08:26 AM

and SOX 1970 is likely real important today... breach of 1980 would be first sign of reversal, but back below 1970 and would likely seal in something  more intermediate.


Edited by K Wave, 24 June 2020 - 08:26 AM.

What A Beautiful Black Sky


#20 K Wave

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Posted 24 June 2020 - 08:44 AM

Yet another day of total abuse for the Davey DayTrader AirShip portfolio.

 

Remember that next time you see a meme like this, especilally posted as the index is printing a Tri-Star top.

 

Like i said before, sentiment is certainnly not everything, but when price action starts to confirm it...............

 

airship.png

 

as.png


Edited by K Wave, 24 June 2020 - 08:45 AM.

What A Beautiful Black Sky