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Post by huh on Dec 12, 2014 11:20:50 GMT -5
Next downside support for XLF is 54.17-54.20, but absolute best case IMO would be a bounce from there to the 24.50/24.51 resistance, then back down to form a potential H&S. (can at least hope it does a H&S-RS-squeeze-to-new-high)
This market appears to be in a hurry to get somewhere, and I don't think it's up. Hope I'm wrong.
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Post by novie08 on Dec 12, 2014 11:27:38 GMT -5
Thinking we turn for FOMC meeting next Wed. and rally into holiday. Retail is hurting enough without more pullback. But as you all know, I could be wrong! In the meantime, "they" make more money on the downside...good for bonuses and now the House has repealed Dodd Frank so get set for another bailout or bailin. Greed, greed and more greed.
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Post by huh on Dec 12, 2014 11:29:30 GMT -5
Thinking we turn for FOMC meeting next Wed. and rally into holiday. Retail is hurting enough without more pullback. But as you all know, I could be wrong! I'm thinking/hoping so too. Perhaps Fed will raise rates causing banks to rally. Or not raise rates causing banks to rally. My worst fear would be that we've seen the top and I missed it!
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Post by novie08 on Dec 12, 2014 11:31:39 GMT -5
As soon as the Senate passes the Crapbus bill, Dodd Frank is repealed so the banks (home of the banksters) should rally hard.
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Post by huh on Dec 12, 2014 12:23:11 GMT -5
UVXY almost hit 30.50's. SPX almost hit 2011-2012. XLF almost hit 24.17-24.20. ... And I wouldn't play that oil trade with XLE either. I still have that downside target in XLE for 66.50 so too risky. ... And of course XLE doing much better than oil. Why do I even bother? [shrug] I'm not having a good week.
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Post by huh on Dec 12, 2014 12:28:25 GMT -5
One last note...but take it FWIW (see above) ↑: I'm still desperately grasping at straws for ways SPX can squeeze back to higher highs...
The current minimum downside pattern target for SPX is 1994/1995.
However, if SPX were to hold the 2000-2001 psych support, and then, magically gap over 2025, DO NOT SHORT IT!
It's not even worth a chart or details unless that happens; only a possibility to be aware of.
Have a good weekend all.
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Post by crumbdon on Dec 12, 2014 12:42:37 GMT -5
QE-conditioned bulls rushing in a little hot here off SPY 202. COULD mean one more smackdown before relief rally.
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Post by novie08 on Dec 12, 2014 13:25:45 GMT -5
Here we go! Weeeee! Down with gold, up with the indices...
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Post by crumbdon on Dec 12, 2014 14:13:56 GMT -5
Here we go! Weeeee! Down with gold, up with the indices... Youre right! I didn't take into account that Friday weeklies have to get their way too. So maybe up to the close, down Monday, Turnaround Tuesday, then a highly suspect rally into New Years/ Jan? Then turn out the lights.
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Post by crumbdon on Dec 12, 2014 15:43:02 GMT -5
Here we go! Weeeee! Down with gold, up with the indices... Youre right! I didn't take into account that Friday weeklies have to get their way too. So maybe up to the close, down Monday, Turnaround Tuesday, then a highly suspect rally into New Years/ Jan? Then turn out the lights. Lol, Bots read my post and just skipped to the last line for the close!
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Post by huh on Dec 12, 2014 15:56:35 GMT -5
UVXY almost hit 30.50's. SPX almost hit 2011-2012. XLF almost hit 24.17-24.20. ... Well, at least those targets were finally hit (& then some). And I missed UVXY by 3 cents. [shrug] You get what you pay for.
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Post by huh on Dec 12, 2014 16:01:45 GMT -5
One last note...but take it FWIW (see above) ↑: I'm still desperately grasping at straws for ways SPX can squeeze back to higher highs...The current minimum downside pattern target for SPX is 1994/1995. However, if SPX were to hold the 2000-2001 psych support, and then, magically gap over 2025, DO NOT SHORT IT! It's not even worth a chart or details unless that happens; only a possibility to be aware of. Have a good weekend all. Hmm...
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Post by novie08 on Dec 12, 2014 16:43:54 GMT -5
All I have to do is post a direction and the bots go the opposite way! What Power!
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Post by novie08 on Dec 14, 2014 19:41:16 GMT -5
More down tomorrow, then should be UP but not sure what consequences of the crashing price of oil...energy sector being creamed that's for sure.
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Post by jacksrbtr on Dec 14, 2014 21:13:28 GMT -5
Just listened to Nick of ITMS daily take....he's saying the same thing and believes that we are now in the "Death Zone" where a dump will occur between now and Dec 15-16 and then there will be the Santa Claus Rally and then in January the CORRECTION doesn't that sound like music to your ears??!!! Any expected downside targets on this pullback, Jack? Huh - Sorry I'm late responding been humping on the bigass train table which is now 6 1/2' x 11'. Dunno what Nick's take is but Gareth of ITMS thinks the drop is close to done (SPY to a pierce of 200 and possibly hit 199.38)
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Post by novie08 on Dec 14, 2014 22:08:04 GMT -5
Rick Ackerman: TLT still a "buy" and a crude target of $31 so DTO should work after a possible bounce into the holidays.
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