If, pay attention to “IF”, the CPC from the stockcharts.com reads correctly which sits at 0.66, then good chances a red close tomorrow. The reason, I said “IF” is because from the official CBOE site, the CPC is now at 0.72 which not only means 77% chances a green close tomorrow but also a firework trading setup was triggered. As usual, I’ll use only stockcharts.com as the standard, so I will for now maintain a down day prediction unless I see something else in tonight’s report.
Oh, SPY now has 8 unfilled gaps with lots of negative divergences on chart below, so very hard to image we’ll have yet another gap up tomorrow and that gap remains unfilled…
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Is SPX 1050 possible?
ReplyDeleteNo idea. I guess not if without a pullback first.
ReplyDeleteCobra, I think we pullback to 956 area before we re-touch the today top
ReplyDeleteCPCE was .50 today and CPC was .66 - WOW!!
ReplyDeleteIf the gdp data comes in worse than expected some bad bets were placed......
It doesn't matter what the GDP numbers look like. I don't think numbers or facts or anything effect market behavior in a rational way.
ReplyDeleteCobra,
ReplyDeleteHave you looked at VXX or VXZ?
VXX seems to be better gauge than VIX. BTW there was huge spike down in VIX @ 11AM which may have skewed the numbers
CPC still shows .66 at stockcharts.com....RED day tomorrow i hope so
ReplyDeleteISEE index says 1.93 for PC ratio on the indexes and the overall P/C ratio (equities + indexes) is 0.97. Equities only PC is 0.61
ReplyDeleteI hope the market is up tomorrow.
ReplyDeleteHaven't you said that about the gaps since gap 3.
ReplyDeleteThe CPC was at .72 at 3pm, but the final cpc can be found here which is indeed .66.
ReplyDeletehttp://www.cboe.com/data/mktstatall.aspx
Thanks for the info. I'll use this link from now on!
ReplyDeleteAnony at 7:17pm, I checked VXX, it looks more downside (for VXX) ahead to me.
ReplyDeleteWife an i just came back from very short fun vacation in Vegas... We were there only 4 days and 3 nights, we had show tickets at 3 different casinos. parking in Vegas sucks so this time we didn't bother to rent a car, used taxi cabs instead and saved a ton of walking. i asked 3 cab drivers "How's business?" average reply was 40 to 50% down... one driver said that his friend was able to buy a 3 bedroom, 2 car garage house with a pool for 80K, same driver said condos were selling for 35K...
ReplyDeletemy informal poll may mean nothing and yet it could mean this bullish market has it all wrong.
my guess is this market is being supported with smoke and mirrors with help of clueless washington policy makers.
some of these summer days have extremely light volume, allowing the powers that "be" the ability to push and pull and jerk the stock market prices all over the place.
Interesting! Some guesses are that all the free money sent to banks were used to pump this market so that we could have another bubble to save this economy. As for next generation, well, who cares?
ReplyDeleteI wouldn't doubt that at all, Cobra. GS is one big pumper of the whole gang. When GS let go, the market will have a diarrhea.
ReplyDelete