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Crooks hour tank maybe? Oh for days of old when we used to get regular crooks hour tanks
I tried kicking it but it kicked me back.
I went short when it hit my target at 1795 (posted at the time). I added small ones at 1798
and 1799. I closed then all at 1790.25 (cash)
Well done that man….
I wanted the 1783 target but the mustard missed by about 1.5.
Still I think I will wait for after limit down re opens in the morning…..
Indeed Paps, it took until DAY3 though but I suppose expected with crooksday and WNER inbetween.
Ideally though it should print the optional 7 point target at 1781 and really 1777 as a minimum
Plan your trade, trade your plan!
Yesterday the FTSE 100 was finally showing some strength relative to the S&P 500 but today it is back down again. It is not clear where the weakness is coming from. Banks and miners are underperforming and this could be the reason. The decline was prompted by fears of valuations after Carl Icahn was reported as saying “a big drop could be around the corner”. Well, the fact that markets pulled back on the news is a puzzle. Stock markets have been in bubble territory for months and there have been many warnings, yet the S&P 500 is still hitting new highs.
This time however Carl Icahn could be right because my sentiment indicator has risen above 400. When the indicator rises above this level we are in a period of extreme optimism. What does that mean for the near term? An extreme in optimism coincides with a major top, so I expect a big drop sometime in the next few weeks but this does not mean the market will turn down immediately. The market can remain elevated for a short period of time. In addition the indicator is still bullish so odds are that the rally will continue in the near term.
Based on past signals the market tends to carry on higher after a move above 400. The only exception was on 22nd May this year when the indicator closed at 404 and the FTSE 100 turned down immediately. That date marked a major top [6875] and so far the FTSE is still trading below that level.
The question now is how far from the top are we? One way to find out is with the wave count on the S&P 500. I chose the S&P because it sports the clearest wave count, the next move should be a fifth wave up. The end of a fifth wave on extreme optimism makes a lot of sense to metherefore I expect a final move up before the market turns down.
Meanwhile the OECD cut global growth forecast as a result of a slowdown in emerging markets. This is a positive development for the bulls as it will reinforce the case for delaying tapering.
Indeed Paps, it took until DAY3 though but I suppose expected with crooksday and WNER inbetween. Ideally though it should print the optional 7 point target at 1781 and really 1777 as a minimum
Nice to see 1777 print. Do or die time now
Plan your trade, trade your plan!
Good man Gekko. Very good short on Gold really but not my cup of tea nowadays.
Plan your trade, trade your plan!
spoos bounced off that key level. oscar day bearish
http://www.youtube.com/watch?list=UUez8uA1o_fDYsrSf4auWSjg&v=7b0tvEzLWx8
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