Friday, May 11, 2012

AGET offers an upside bias 5-10th close

I have a chart here that could offer a long real quick.
I have 3 reasons to look for a low and rally here.
#1 we had a oex P/C of 3.19 offered, near a low or high we get extremes.
#2 was a my parabolic indicator looking for a low.
#3 The AGET buy bias so a little rally is in order if we can clear 1365.xx
#4 JPM throwing the bulls off,so to rally. Why this is old news it was in the WSJ on 4-10-12
#5 SPY after hrs was flat

Now I understand a member of Crystal BAll has discovered that the current bars are the same as 3-6-09 major low. Well looking back I don't see the big sell off of 3-5-09.
The OEX options P/c was lower than now and volume was bearish vs now.
Matter of fact we were in a wave 5 AGET with street bearness heavy.
I don't see that now. The most I have in common with then vs now was a parabolic looking for a low and we are in a wave 4 with 5 to come. Of course if we are having wave failure 3 or C the only waves that can crash that is different.
Personally my work looks a little higher like test of 1422 spx or facebook suck face.

All I can say is the track record is good.

I'm long SPY options from the 5-9 low.

I will admit it will have a tough time with futures down 77pt at 12:30 am et but what do they know!
( Thursday night) they do know nothing.