Too much government intervention?

They used your tax dollars to bail you out and now they what a say in running your household....I8R...ok today is the fourth day from fall and naturally we see some signs of reversal. But we are still in shorting territory, unless OEX closes above 619. Tomorrow's numbers are 617, 614 and 610. Tomorrow ISM data will probably steer the market one way or the other. Forecasted values for both ends are 604 and 628.

2c

Weekend Update...A week in review

As you can see there was no doubt using pivot numbers to short for the last three days. You can short the market from 628 to 610 for approx 900 dollars per OEX option contract or day trade it for more. So what is going to happen come Monday? Downward sloping channels are bullish...eventually (with some exceptions) More than likely, it will bounce to 613ish and meet with selling again to s1 607. There may be a couple more days of selling ahead.

2c

Again, it is so predictable...

Up in the morning and down at close. Picture perfect money making scenario. It failed the pivot 618 and shorted to s1 612 and below. A piece of cake. Now it closed below s1. No matter what others are saying and hoping, below 615, it is down trend. Monday's numbers are 617, 613 and 607. This is getting closer to the fib target of 600. Next week is ISM data which will be bad and if recession is confirmed, getting to the target will be accelerated. In order for the market to reverse again it has to overcome 613, 617 and 620. Will print weekend updates when more time is available later.

Good luck folks

2c

The bulls caved in......

Yesterday the bulls were fighting tooth and nail to hold 620, and today they gave up. It was a pleasure to short every time it failed the pivot of 623. At the end of the day support s1 619 could not hold any longer. Now it is a short on rallies time until 600ish as indicated in the chart using basic channelling and fib ratios. Counting yesterday as the first day of closing below pivot, it should have one to two more days of selling and that should bring us to April before any meaningful rally. Actually this pull back should be quite obvious for OIH, Nasdaq and 3 horsemen are all topped out. It was kind of mind boggling to see futures way up this morning. You would have thought they know what they are doing. Tomorrow's numbers are 621, 618 and 612. Based on today's closing between s1 and s2, there may be a pop in the morning and you know what is going to happen then, especially on a Friday.

2c

Well sentiment has changed..

Down it goes as expected. It closed below pivot 627 but 620 seems to provide support. As long as 620 is not broken to the down side the bulls still have a chance. Today is quite like Jan29. Normally, leaving shorts overnight is a sure thing especially tomorrow we have GDP which is bound to be bad. But then again the market can take a bad GDP and turn it into meaning more rate cut. Tomorrow's numbers are 626, 623 and 619. If 620 is not broken to the down side, the market can have another pop before it really retraces. Will see.

2c

The market should come down soon...

It seems that the bulls are stubborn but on the other hand it is always the late comers that will get hurt. Tomorrow's numbers are 631, 627 and 624. You can see the numbers narrowing and is an NR7. So break out is imminent. Which way will it break out? After close to 1000 Dow point rise, your best guess. In addition, we have Durable Orders and New Home Sales for tomorrow. A check or comparison to previous chart patterns, down drift is at hand. It will be very surprise to see continual upward movement albeit very good news.

2c

More crooks...

Imagine you had inside information, bought BSC at 2 dollars and now a new deal said it is at 10....the shorts were slaughtered overnight....that is why playing the index is much safer. Ok, because of this stupid news, it took the upside route. But no sweat, what comes up must come down. May be just 24 hours delay... the following chart is self-explanatory. It retested from where it broke out from and using fib arc and channelling, it should fall back to 615 .....tormorrow's numbers are 633, 627 and 622.

2c