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SPX Technical (quick) Update
Quick update of the SPX Technicals. Note we have formed a dead cross in SPX, just like we showed, the Dow Jones also completed it’s dead cross (50 day moving average crossing the 200 day moving average). Note how the SPX has retraced exactly 50% of the move down. The bounce has been on rather poor volumes. The trader argued we could see this bounce last week, therefore our short term targets are reached, and we believe the markets will soon turn down, and “surprise” the new bulls.
.....while Athens is retracing the whole move it put on some days ago......What goes up.....
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It seems thata majority of middle class and retirees still believe that the DJIA is a real indicator of the economy not unemployment levels. They say...It the economy was really bad then the DJIA would be down. What they don't understand is that large cap companies can make a lot of money by keeping US consumption high with deficit spending thru entitlements while outsourcing nearly all jobs to undeveloped countries with $5/day piecework labor with no retirement, health care, student aid, labor/environment/liability laws to pay for. Its logical.
IMPORTANT CHART AT BLOG.
The big picture remains bearish and this will ALWAYS exert the most influence. The only thing GUARANTEED is that the bearish medium/long term cycle will have the upper hand.
http://stockmarket618.wordpress.com
Can you circle the most recent dead cross on the chart before this one?
sure, here is a link to dow jones dead cross
Once again, the conservative sandwich heavy portfolio rewards the hungry investor.
Or Obama will dazzle the dumb with his jobs plan! lol!! With more jobs in the future they can reduce the unemployment rate and allow corporations to adjust their earnings to projected earning based upon a 4% unemployment. Sort of like the banks with mark to market accounting for toxic or non performing assetts.
Before the year 3000 all stocks will recover. I'm pretty sure of that.
So buy now and keep the for your grand, grand, grand, grand, grand, grand,grand,grand, grand, grand, grand, grand children so they get your money back.... minus 12 generations of inheritance taxes....
I'm with Quintus
You can't argue with the fact that what we have seen in the past few days is a classic dead cat bounce on pathetic volume.
However, you also can't argue with the fact that the market is completely broken and will go wherever the HFT boys want it to go regardless of fundamentals, technicals or anything else.
We need to see a substantial pick-up in volume (which, these days, means selling) to halt the vapor-volume melt up in stocks. For that, we need some news that scares the bejesus out of the hopium addicted 'Buy and hold' types, and makes them pitch their holdings.
I think that going short before then is a certain way to get steamrollered by the HFT machines.
Central banks will come to the rescue once again (as expected) - QE-USA & QE-EURO
Like maybe today ? lol