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Some Of The Best Bearish Signals Are Failed Bullish Ones...
And, as NewEdge's Brad Wishak points out, that's exactly what we are seeing play out on the NYSE here. Being the world's largest exchange by market capitalization ($16 trillion), failures like this are typically worth paying attention to...
Chart: Bloomberg
h//t Brad Wishak At NewEdge
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BTFD!!!
So it failed to breakout once, but there's nothing to suggest any underlying selling pressure and there might be one maybe more breakout attempts that become successful....
There is a solid base below, I'd be inclined to buy the dip until that base is breached on a closing basis
I am in total agreement with you. Initial attempts at breakouts are used to trap traders at those levels and then squeeze the life out of 'em but as you say it will base at a lower level before breaking out again with a more successful result.
Having been squeezed like that many times in the past, I've since learnt that lesson Traderone
Transitory, BULLISH!!
It's always, always bullish until it isn't. Can you give me $10,000,000 for my good advice please?
Wire funds to: SCOTIABANK NSCC 1433785 - 35546
Thanks!
There will be a significant correction, at some point. Love these charts though. ;-)
I agree, I think the correction could come as soon as Jan, 2047.
Did you transpose those last two digits and mean 74?
No, there will be an absolutely awesome correction...in a 1929 sort of way....
The correction will be upward as the FRN continues to die.
bullish
Remind us, what's that index priced in again?
Full faith and credit....
Now where have I seen this before and thought the same thing? Oh Yeah, right here:
http://finance.yahoo.com/echarts?s=%5EGSPC+Interactive#%7B%22range%22%3A...
You reminded them. They love being directed by ZH.
The only thing more fake about the upside moves in this market - Is the silly and pretentious moves to the downside that are supported and locked at unthreatening lower levels - Fucking ridiculous (just like today).
But, it's not 3:30 yet..
Durden. Give it up already. Turn into a bull so we can sell!!
You have to hand it to the Durdens. They have stamina when it comes to throwing in the towel.
WOLF! WOLF! No its REALLY here this time! LOOK! Over there! ... no... really...
Look squirel...
Every time I used to read the Phoenix Capital posts on the top of this page it made it sound like the big crash were going to happen in a few days or a week, that was years ago. I got tired of reading it years ago.
We all know the market will correct sooner or later, by how much and when is anybody's guess.
Most charts displayed are from the same sources criticized as having dubious data. Goldman Sachs is evil, but I have seen more than one of their charts here.
That is because there is no other source for data or if there is, no one is sharing it.
When everyone has the same flawed information, we can rant and rave all we want but no one truly knows what the score really is, till it is too late.
Many people who have held back due to Phoenix Capital's advise among others probably lost a lot of money.
nasdaq biotech index is up 500% since 2010.
not even the nasdaq during the dot.com bubble was blown so hard.
yes, but when yellen hits the buy button, company performance is once again irrelevant
#FUCKYOUYELLEN
They're gonna have to put a little more muscle into it...
In fact, I hope they've eaten their Wheaties, because they're gonna have to work harder and harder to keep this shit up...
The real hard pushing is yet to come, so I hope after 7 years they aren't getting tired.
Well in my recent experience the Bearish signals generated by failed Bullish signals... can only mean one thing... its time to Buy, Buy , Buy...
I think Venezuela Stock Market is still out performing ours.... be careful what you measure. Argentina outperformed the US markets by 30%!!!
Yeah and their currency is shit. The USD just keeps on going up.
It's like the MSM, you know, ABCNNBCBCBS, the truth is in what they're not saying.
Nice bullish inverse head and shoulders pattern (Aug to Dec) gone to waste....
I'm sure the algo's will cut through any inconvenience courtesy of the ppt.........that's the pump protection team!
There's an entire industry full of people who still believe that we have, or should have, private markets. We don't, private debt and financing has now migrated to public and quasi-public balance sheets. The key difference is that while private debtors (individual and corporate) can in fact become uncreditworthy and need to do things like earn revenues and profits and stay "solvent", these public entities do not. These quasi-public entities also have a key advantage in that they show up to the table with an unlimited supply of chips to play with. The remaining private entities can only try to join this game by exchanging claims on their assets in return for their own access to these free chips, no need any more for arcane notions like employees and products and market share and profits. The entity issuing the chips is the same entity that exchanges those chips for ownership stakes in discounted future cash flows of these enterprises, but these days that is just for optics. In fact they are simply opening a spigot into the flow of free chips they themselves issue, and the formerly privately-financed entity is now just a pass-through. Since many of these still retain a brand impression of prior success in the productive deployment and growth of private capital, in the short run this flow continues. Investors get the impression they own a private enterprise with an entrepreneurial incentive to grow capital but in fact they have simply purchased an access point to the free supply of chips.
No one can doubt the value of the unlimited chips because there is no remaining basis for comparison, with all economic blocs now in the "unlimited chips" business. There used to be "money good" collateral (shiny stuff) but they have financialized the trade and control the price of this as denominated in their free chips so it's pointless.
By it's nature this new system will continue to concentrate the supply of chips upwards until there is one guy remaining at the top with all of the chips. This is the only remaining fly in the ointment, and they are ramping repressive measures on the "non-chip owning" population to protect that one guy for a while longer. In reality it's probably a couple of thousand guys, when the crisis began there were 800 billionaires in the US and now there are 1600 so the process is working quite effectively.
i'm looking at a 5y chart and frankly i don't see it.
Tops in US markets are never V shaped but rolling tops. Looks like a top to me. Time will tell of course..... .
All that matters in this casino is whether the Fed keeps rates at 0 - it allows cheap buyouts and companies to issue debt to buy back stock. Despite the Street trying to act like there is a chance, no one seriously believes the Fed will raise rates in June. It's just a scare tactic to shake the trees. By September the economy will have slowed (as it is now) and it will be pushed back to 2016 and then 2017 and then... They can't let rates go up
Assuming QE in US is done and QE in Europe will likely fail to be implemented (in a similar fashion to US based on lack of available debt to monetize), regression of Fed B/S to SP500 gives a peak around 2100.
So they need to pull something out of the hat, maybe more QE4 hints...
I recall reading somewhere that for Technical Analysis to be useful, it must be employed on FREELY TRADED markets.
Charts School, Stockcharts.com I believe.
Central Bankster manipulation of money supply, BLS statistics, Gold, Libor and everything in between has made a mockery of my once beautiful charts.????
people like to say TA doesn't work anymore
but the last usa stock rally was triggered by a flush down to the 200 sma
i think what they mean is that in bull markets bullish technicals work better than bearish ones
What has failed here is the analysis. No self respecting technical analyst would call this a breakout. In fact there may be a reverse head and shoulders continuation pattern here, which has bullish implications.
PnF target for $NYA is 11700