13 replies to this topic

[eminimee]

Okay...time frame is important ....I agree then....when I say "top" ....it's a top of a wave 1 of a big ED....I think we get at least 1475 for bottom of 2.

PS..that's if I haven't mentioned it before..lol

Tea,

What do you mean by ED wave---primary cycle?

This may help explain

http://www.traders-t...?...ic=76501=

Okay...time frame is important ....I agree then....when I say "top" ....it's a top of a wave 1 of a big ED....I think we get at least 1475 for bottom of 2.

PS..that's if I haven't mentioned it before..lol

1475 is possible. That's something i call a ST move. But for such a move to happen, we need to build divergences on the daily momentum oscilaltors, and there is none at this point. At a minimum we need to make higher highs on SPX with a negative divergence for that kind of a move to happen. Barring that any VST reaction will be bought aggresively by the techinical traders IMO.

Nav...I've got enough divergence on the hourly to satisfy my suspicions fwiw

http://stockcharts.com/c-sc/sc?s=$OEX&p=60&yr=0&mn=6&dy=3&i=p71697390409&a=81733615&r=5011.png

[norton]

http://www.telegraph.../27/mfnort1.jpg

[arbman]

Good choice Norton, btw a motorcycle that Teaparty is showing would be very uncomfortable to ride around especially as you go faster. You would have to roll out of the axis quite a bit to turn that thing due to that huge rear tire...

[Doug]

I agree with your assessment of the current climate. This is why I am in for the Oct cycle as a seller of puts and calls. I sold well out of the money on both ends on the indexes and should return a tidy 14% at expiration. As I read the charts up to and after the fed announcement, I expected a time of sideways movement and hope it continues until expiration. But even if it doesn't I am collecting a tidy sum as the value of those options erodes. There is still plenty of time in this cycle to follow suit and make a solid profit. Regards,