Angels and devils wrestle for soul of market…

Posted on Jan 28, 2015 by .

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0128spx

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p22775897357&a=266398464

Yesterday the devils won, posting a 28 point range in the SPX, and rattling everyone’s teeth.  The significance for the larger pattern is the interruption of the zeta wave, which is now in danger.  Contrarians (the devils) have been sniping (devil’s snipers) at the market for months, leaving everybody — including Soros — or mainly Soros — to gnash their teeth.  This contest is not decided yet but the readiness of the market to go over Niagra Falls in a barrel over essentially trivial earnings data — (especially since basic economic conditions steadily improve) underlines how nervous the market is.  Very nervous.

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All that glitters…

Posted on Jan 21, 2015 by .

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0121gld

http://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=2&mn=9&dy=0&id=p43220082674&a=255869372

We have been watching gold with deep skepticism.  But it is true that GLD has broken a very important long term trrendline, and given off a buy signal as shown in the following chart.

0121gldb

http://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=0&mn=6&dy=0&id=p50004896245&a=234983962

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Earthquake. More than one earthquake…

Posted on Jan 17, 2015 by .

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0116spx

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p22775897357&a=266398464

At last!  Something that worked the way it’s supposed to work  — that is, five days down expect a bounce.  Often four days down will have the same effect, and so we were a day early in the expected surge up.  Given the chaos of the market recently there is no guarantee that the alpha-beta pattern is the real truth here, so readers should remain alert.  If we get follow through Tuesday and Wednesday we may have a dependable pattern.  Whatever, but we would want the prudent investor not to add on until the downtrend line is broken on strength.  Unless you like adventure.

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Bored yet? Alpha, beta, gamma wave

Posted on Jan 15, 2015 by .

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0114spx

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p22775897357&a=266398464

A wave that transverses 50 or 60 points (or 400+ in the Dow) is ample antidote to boredom.  The question is, is, is it bearable?  The answer is that it is bearable if you are a long term trend trader.  Nevertheless market volatility is enough to raise the eyebrows — if not set the scalp on fire.  Looking at the chart we can see how far away this nonesense (or trader panic) is from significant trend stops.  Pundits now are saying (braying) volatility like this is the new normal.  Not.

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