I have no idea about tomorrow except for one thing: ISEE Indices & ETFs only Index closed above 100, which was discussed here before. From the chart below, I don’t see much edge for bears tomorrow, but if we count 2 days period, then probably it’s a little bit bear friendly.
Again, tonight I’ll talk about overbought, negative divergences, gaps etc etc, which is kind of boring now. I like what Jason from www.sentimentrader.com said the other day:
Every day, it seems like we're playing Russian Roulette with everyone else and one of these days the buyers will get a live round. But until then, we're nervously hearing that empty click every time sellers try to pull the trigger.
The question now is: Are we ever going to get a live round?
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Ya, but this cat might just have 9 lives... so 1 live round wouldn't kill it... :)
ReplyDeletethx, ding
ReplyDeletethe rally lives on because of all the people still buying FAZ, SKF, SRS etc etc EVERY day and getting short squeezed EVERY day.
ReplyDeletehoho, I bought SRS today. Man, buy and cut all the way up. Hope this time is different! finger crossed!
ReplyDeleteSPX 1014 and then get a live round...hehehehe...
ReplyDeleteCobra, What do you mean by "dopped"?
ReplyDeleteThanks, Kenny, chart updated.
ReplyDeleteCobra, What do you think of $BPSPX...
ReplyDeleteloving the russion roulette analogy click...click...click...BANG!
ReplyDeleteSumit, in the current environment, we need extreme of extreme. BPSPX isn't even extreme.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteThe US$ index has pierced the strong support 78. It is going to 71. The decline of US$ is associated with more outcoming speculation money from their dens into the markets. The 3-month LIBOR rateis only 0.3%. All of these mean russian roullete type of bullish for stocks and commodities.
ReplyDeleteThe less risky sector -less russian roulette play would be precious metals, like GDX, GLD, UGL, SLV or AGQ. The Indians (Asian Indians, not native Americans) are buying gold for their festival days in December. Chinese (no so much) would also buying gold for their new year festival in February. While the moslem, will be celebrating their end of Ramadhan in September. The jewellery maker are buyin for these festivals. Of course the speculator will ride with the wave.
So.....precious metal sector is less russian roulette play. There are some fundamentals.