Not much to say -- SPX had a CHOPPY day going firstly lower , before ending higher at close , but small caps RUT lagging a lot and did not even get green,, so someething is wrong.
Overall all the charts STILL POINT TO THE SAME...
Dollar should fly , with this mkts should tank and the bearish topping hs pattern in mkts is still in play as long we dont break above 1280 imo on SPX.
In my book the next days (TUESDAY, WEDNESDAY and THURSDAY) is the most bearish days this week - so this is NOW the bears shall strike IMHO , so hopefully we are going to see the bears take action over the next couple of days.
The pattern suggest a move to SPX 1140 IF we break below 1220 neckline.
Conclusion: Patience is usually rewarding me a lot , so I think we should just hold into our shorts and wait out for the flush to come soon imho.......long TVIX , ERY , EDZ , TZA little underwater now.
Have a nice day :-)
Traders affiliates have a turn date on 11/14 and you have Friday being 11/11/11. Maybe that could be the start of it all.
ReplyDeletelooking at 60min chart of spx and rut.... it looks like a reverse head and shoulders taking the market up. And the daily charts looks like a sort of triangle consolidation.... breaking to the upside. I'm looking to go short but where? Maybe 1290 spx?
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