In order to complete the "dead cat bounce", the market needs to close at the medium to large size red bar today. As I write this, the premarket is pointing down. For the bears, if the market will opened gap down and continued to go down from there, then yesterday action was an "island top".
It means that a very strong reversal sign for the downtrend. If the market is trying to close the morning gap, watch very closely how it is closing the gap.
I will be having "all hands" meeting at the my job this morning. I don't know how long it will last.
So I might not be available at all this morning.
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we will hold the fort down for you.
ReplyDeleteThanks GCL!!
Hahaha. Have fun at the "All Hands". I love working Govt Contracts too !
ReplyDeleteI just shorted a small amount of CLF with a tight stop at new highs. also, have a small position in SPXU. this thing could go either way today, imo
ReplyDeletelooks like down ... indicators neutral to bearish.
ReplyDeletethnx, cause I am not feeling too confident about my short positions today.
ReplyDeleteyeah.. hard to go short in this market.
ReplyDeletenot looking for much of a pullback.. at least something to the open.
if we break through spy 107.10 strong, we are probably going to 108.
I am seeing that the SnP broke its five day uptrend line on the hourly chart, but it keeps testing the upper levels of the trend line. this thing needs to hit new lows today, damnit! I will add to shorts if we roll to new lows.
ReplyDeleteif we go back up to 107 2 more times, i'm bailing.
ReplyDeletelooks like a bull flag on my 15 yahoo chart if we go back to 107
we need to maker lower highers.. not tie the high and not make higher lows.
1069 keeps getting smacked down....
ReplyDeletetoday's like text book.
matt, text book as in we are gonna break to new highs or text book, we are gonna roll over???
ReplyDeletematt: don't give JDT a heart attack.. lol
ReplyDeletetoo funny
ReplyDeletejust back and forth
ReplyDeletethis is perhaps looking bad for bears
ReplyDeleteYes, I would agree. this thing needs to reverse quickly or all bets or off, imo.
ReplyDeletelooks like a little tree shaking to me.
ReplyDeleteI'm not seeing the commodities roll yet. dollar has a small bounce, but not short squeeze yet. I like that SRS is hanging tough, otherwise, it looks like this market wants to inch higher. still bumping along lower side of trend line on hourly.
ReplyDeleteup down up down up down....
ReplyDeletewhere will it be when the music stops
sorry JDT (regarding commodities), I'm always a little early on my calls.
ReplyDeleteI tend to agree they should come down a bit, especially if we get a short covering rally in the dollar. that is such crowded trade it is ridiculous, but guess it will work until it doesnt.
ReplyDeletehmm?? there they go (re: commodity stocks)
ReplyDeletealright.....i think we close LOD
ReplyDeletewho needs GCL. in fact, let's take over his blog.
I just shorted IBM, I know, it's a bit crazy...but it has just about retraced all the way back to a three year trend line it broke last year.
ReplyDeletec'mon dollar, rally a bit more. I think I'm gonna get stopped out of my IBM. rule #1, never short strength. stop at 125.22.
ReplyDeleteOk, just to keep ya'll amused. back in IBM with stop at 125.36
ReplyDeleteI'm back. Did I missed anything?
ReplyDeleteThe meeting was about reorganization and contracts won and loss.
How is everyone doing?
ReOrgs and Contracts. Welcome to my life. I'm on my 5th contract in 6 years. As long as you're cleared, there will always be jobs.
ReplyDeleteYou've really missed nothing.
in spxu 43.51.. waiting for spy to break down below open (~106.61) and then ditch..
ReplyDeletebulls almost pushed through 107.00 but couldn't maintain it.. it was pretty scary.. almost broke out.
lol@BAS...and not in a mean way.
ReplyDeleteGCL, we took over your blog. it was fun while it lasted.
i think a lot of people have taken off today or gone home after lunch and made it a 3.5 or 4 days weekend with the holiday on monday?
ReplyDeleteoops.. my bad.. it's open on monday (columbus day)..but a federal holiday. so expect light volume today and monday?
ReplyDeletehttp://www.nasdaqtrader.com/Trader.aspx?id=calendar
I still feel like this market wants to go higher. getting tired of fighting the tape:)
ReplyDeleteThe volume is very light. Maybe the market will not drop until the day of October 19th.
ReplyDeletehard to see them drop this during options expiration week.
ReplyDeleteno volume, no posts, what a boring day
ReplyDeleteshit
ReplyDeletesomeone is buying now
lol....
ReplyDeletethere's no volume.
in fact, if we sell off into the close, major win for us bears
just got stopped out of my CLF for small profit. still holding a small amount of SPXU but getting beat up on my SPXU
ReplyDeleteNOT GOOD
ReplyDeleteNICE loser for me today.
ReplyDeletenote to self: light volume days gotta go long.
something tells me to sell on this 3:19pm dip
ReplyDeleteif you can't see the distribution, you are blind.
ReplyDeletei will be relieved when we finally crash. hold short or miss out.
Matt, again, thanks for the encouragement. I see it, but still getting beat up short. I damn well better be short the day they start to roll this crap.
ReplyDeleteGCL was right all along, October is turning out just like September.
ReplyDeletedistribution or not - for Monday - we might go to 108...
ReplyDeletei don't want to hold through 108.
getting over 107.10 is strong case for 108.
ReplyDeleteI'm out of my SPXU for today
ReplyDeletei just got out too. negative week here :(
ReplyDeleteweekly candle very bullish.
almost full.
i think 108 next week.
I got out at 43.26, so can't complain. Got may ass handed to me, but could have been much worse.
ReplyDeleteavg in 43.53..
ReplyDeleteout avg 43.135..
ouch :(
The volume is twice less today. Expect similar volume next Monday.
ReplyDeleteI have been busy today so I didn't post much.
After the meeting, my hands are tied up.
I am looking forward next Thursday, Friday and October 19th. These days will tell the market which direction to go.