Wednesday, February 29, 2012

Could be bad.!! ???

We have gone into a danger area.
Where I have circled is 11-15 down 90 points in 7 T-days.
12-7 down 46 points in 5 TD.
Surprisingly the VIX didn't respond much so not a tell.
OEX P/c ratio backed off 1.63.
Spy after hrs -.17 not a tell either.
The bottom line is we look like a technical sell but unless we take out
1352.28 a low fib 5 days ago we go higher.

A break of 1352.28 Spx on a close basis takes us to 1300 fast. It will not let you in type move.

Joking somewhat to a member I said a top or bottom needs a 6 in it !
"Many tops and bottoms 1516.83 1518.46 965.80 796.13 775.68 1576 666 and sure enough today we did 1365.68 so we watch."

After this correction if it happens we will look for one more run higher to suck in all the dumb money. Some will call it a C crash wave others the end of a 5th wave. Lets not get ahead of our selves..............Jerry O

Tuesday, February 28, 2012

Still Bullish

Still bullish if we break that 77 line
it could be a spoiler.
I don't expect it.

Sunday, February 26, 2012

Looks higher!

Looks higher to me. 144TDH looms ahead with a few other high cycles in this time frame. 89 TD on the 7th and 220 a few days later.

Below we look at Oex P/C ratio

P 11544/C 4980 = 2.32 Bullish

This volume chart is neither OS or OB
and as long as it remains range bound
we drift higher.