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Full Chartology
The markets have put on a huge rally lately. With correlations at extremely high levls, pretty much all indices have rallied hard, and now start entering the reisistance levels. With short interest at elevated levels, we won’t be surprised if the markets tops out with a false and volatile break to the upside, in an inverted shake out of shorts, before the leg down resumes. For great reading on volatility, check last week’s post from Artemis Capital Management.
Some charts resemble very much the last nasty sell off in 2008. What many forget, is that actually many indices are rather flat compared to mid August levels. We have been building up dynamics for a big move, that should start occuring soon. Full Chartology below.
SPX
NDX
Stoxx50.
DAX.
MIB.
IBEX.
Athens
EUR
Gold
VIX
»
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Stocks are getting oversold and bearish sentiment pervasive. Time to set another bear trap.
I am staying long-biased for now, but lightening up significantly today. One false move in Europe, and we revisit the bottoms. Time to book some profits if you have'em. Then again who knows. I'm tired. Buy some puts and go have a drink with a little umbrella in it somewhere.
Sorry. Completely wrong. The fact that the market can shoot up 200 pts on open proves everything is ok. Long swampland in Florida!
http://www.youtube.com/watch?v=d3WAqMzeCoU&feature=relmfu
there is a huge value in the study of chart patterns.
http://expose2.wordpress.com