Looking that the possibilities here wave structure wise we are forming a number of overlapping waves which leads to confusion. Watch that 1006 level tomorrow or overnight tonight as I have 1005.25 as the 361.80 projection from thursday's swing low.
Let me see what happens tomorrow and gauge the volume on this move made today since it was a gap and go.
Do you get a turn around tuesday or a real rejection @ 1006. One thing to note today on the futures, the big guys weren't participating, is this our early red flag.
Monday, August 3, 2009
Crude
Oh man I really suck I only called Crude within 9 cents of today's top a day before :)
Well lets take another technical look at it. The 72.20 I looked back on my charts was the 261.8 fib extension the move down by where we took profit on that short play. The next meaningful number I have is 73.16.
Well lets take another technical look at it. The 72.20 I looked back on my charts was the 261.8 fib extension the move down by where we took profit on that short play. The next meaningful number I have is 73.16.
Crude Oil Rocking
Well analysis mid day friday is rocking again as Oil again is up $1.60, this morning. For the wave structure as I said on friday this market is very buyable and I expect to see 72.29 then 74.55. We will see soon eough.
Sunday, August 2, 2009
Catching up on reading
So many of you know I read extensively, I would say I read about about 25-30 hours a week what I call homework, (wish i was getting paid for it but you get paid in knowledge that most wont amass if not seen on a 10 min segment on CNBC). Talking about CNBC, viewership is down 30% especially in the 25-42 age group.
One of my regular reading is that of MR doom and gloom Faber. Last week thursday he claimed that the US will 100% go into a hyperinflationary period a thought I have had for years especially since 2007 when we started to see a huge issuance of bonds to fund the ever increasing deficit. I really do agree with this but the question is when? The thing with hyperinflation you dont want to be a owner of stocks you want to own hard commodities and be shorting bonds and having a increased allocation of long term bonds for income.
Dr. Doom as he is called to most of us was one of the first to spot China as the next great economical power and called the fall of the equity markets in 2008. He basically trades bonds, currencies and commodities.
For my readers who have interest in gold and other precious metals that news might be very pleasing to hear but who knows when we going to enter this hyperinflation phase.
If you are a very long term investor an accumulation of these metals might be a safe bet.
MARKETJEDI
One of my regular reading is that of MR doom and gloom Faber. Last week thursday he claimed that the US will 100% go into a hyperinflationary period a thought I have had for years especially since 2007 when we started to see a huge issuance of bonds to fund the ever increasing deficit. I really do agree with this but the question is when? The thing with hyperinflation you dont want to be a owner of stocks you want to own hard commodities and be shorting bonds and having a increased allocation of long term bonds for income.
Dr. Doom as he is called to most of us was one of the first to spot China as the next great economical power and called the fall of the equity markets in 2008. He basically trades bonds, currencies and commodities.
For my readers who have interest in gold and other precious metals that news might be very pleasing to hear but who knows when we going to enter this hyperinflation phase.
If you are a very long term investor an accumulation of these metals might be a safe bet.
MARKETJEDI
How did I get 1006 area
Well the projection is actually 1007. The question again is whether this will be the HIGH and another leg down perhaps breaking 666, or will this be a higher bottom test and then a longer rally to 1100-1200 on the S&P.
The best analysis for the bulls is the reverse Head and shoulder pattern in place on the daily and it would have a target somewhere up to the mid 1100 area. Since reverse head and shoulders are just that temporary patterns it would match up with renewed weakening of the economy and over valuation of stocks leading to aggressive profits taking. If the reverse head and shoulder pattern take complete form we will print 1007 for sure this week, the 37% retracement stands at 1028 and then the 50% retracement is 1125.
The best analysis for the bulls is the reverse Head and shoulder pattern in place on the daily and it would have a target somewhere up to the mid 1100 area. Since reverse head and shoulders are just that temporary patterns it would match up with renewed weakening of the economy and over valuation of stocks leading to aggressive profits taking. If the reverse head and shoulder pattern take complete form we will print 1007 for sure this week, the 37% retracement stands at 1028 and then the 50% retracement is 1125.
Saturday, August 1, 2009
S&P levels
The next level above that is significant is 1006. Please make note of my analysis from February which called for a high in the market somewhere in July. The last day of July proved to be the highest close for the market in 2009 but I still think we can go a little higher.
I hear a lot of people talking about the economy is getting better! could those people show me some proof and not just talk air :). I have said many times that the highest percentage returns in the market has been in bear markets so we must be careful with move up.
August must be noted as being an up month historically mainly because congress is on break. The market hates uncertainty and with congress being on break, we dont have that factor in the picture.
Lets see how high they want to push us but i am looking at that 1045/54 area (How many times I am calling that area ) to be some heavy resistance.
MARKETJEDI
I hear a lot of people talking about the economy is getting better! could those people show me some proof and not just talk air :). I have said many times that the highest percentage returns in the market has been in bear markets so we must be careful with move up.
August must be noted as being an up month historically mainly because congress is on break. The market hates uncertainty and with congress being on break, we dont have that factor in the picture.
Lets see how high they want to push us but i am looking at that 1045/54 area (How many times I am calling that area ) to be some heavy resistance.
MARKETJEDI
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