Re: [RT] sp500

["Bob" <Bobh59@xxxxxxxxxx>]

I think we're closer to an interim floor than a roof so I'll take the other side of this one. 

 

All of the indexes have an inverted H&S look to them, VIX/VXN have a H&S look and even XLF looks like it wants to get frisky.  So it looks like it may be time for a "no news is bad news - don't worry be happy, buy stocks" sucker rally which would likely be measured in weeks/months, not days.  Seasonality also favors this scenario, plus there has been a noticeable change in character of the intraday price action over the past week or so.  I don't know how to illustrate that or even describe it other than to say it became more comfortable being in long trades versus short trades.

 

Of course this is just a forecast which is nothing more than an opinion, and I learned a long time ago not to trade opinions (especially mine or ones based on squigglies), so I'll do what I always do which is whatever the charts tell me to do.  I also hope I'm wrong because if I'm right and the bulls resume control they will suck the volatility out of the stock market (and others) and that's something I do not want to see happen.

 

 

 

----- Original Message -----

From: Ben

To: TimeandCycles@xxxxxxxxxxxxxxx

Cc: astrofin@xxxxxxxxxxxxxxx ; realtraders@xxxxxxxxxxxxxxx

Sent: Saturday, December 06, 2008 2:22 PM

Subject: [RT] sp500

Attach please find a gif of the long term trading,it is a tool  for swing trades, position trades of 3-8 buss days,

it currently suggests that the max upside potential is 35-40 sp points

and we are already closer to the roof than the floor,

nice week end

Ben

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