An intraday reversal at SPX 1852 would be an interesting thing. The .382 retrace from 1852 back to 666 is 1398, which would be my target for "A" down this spring -- retracing all of the 2013 rally in about 6 months.
BIG data day tomorrow. Be careful out there!
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| SPX 01-22 a.m. |
6 comments:
CG, is your 1629 s&p for march still in play? market has perked up since earnings began. seems majority coming in better than expected . thx
T
(cont. )still 90% long and considering selling half sometime soon. would be nice to buy back in @1629
Nothing is really in play until we get a real top in all this. We're still waiting as a series of bearish events (e.g. 0% 4-week Treasury bill auctions) trickle in.
If it's early tomorrow, then we get an early bottom around 1610 in early March. I would definitely buy such a low, with leverage.
We drew a little right-angled ascending triangle today, with an upward target of 1852.
The daily upper Bollinger band on the SPX is also 1852. That would make a great target for early in the session tomorrow, IMO.
I know we share a mutual disdain for Karl DOUCHENGER, so you'll appreciate this. A little over a week ago, the Blackberry spammer blogged "NETFLIX IS DONE" and called it a screaming short. Ummm, yet another horrific call by that clown. NFLX is up about $70 (over 20%) from his "screaming short" pronouncement. Don't worry though, I'm sure he warned his Gold folks to reverse course, cover shorts and go long right before earnings. BWAHHAAAA!!!!
http://market-ticker.org/akcs-www?post=227582
Hey Deflationland.
I still think you have a case of Danericitus, but..hey, it looks like we might have a top at 1850 after all.
The smaller waves make it damn tricky to work out this nonsense, and I've got 'lost in the noise' again lately.
If..1850 is a key top...based on previous cycles..we'll hit the lower bol within 5-7 weeks. By end Feb'..that'd be 1750 - since lower bol' is still rising..market doesn't have to go to 1700 to hit it.
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Have a fun week..especially FOMC Wednesday.
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