BOT Re Short signal Right now at 1188

I am issuing a BOT Re Short Signal right now in the sp500 at 1188.  I am thinking part of this rally is cooked for now and we could resume down again at the minimum to the lower portion of the trading range.

I am unclear if this is ‘the’ one and only re short signal that will have us take out the August 9, 2011 lows, but I have to make the call right now based on what I am seeing.

One reason is that I do not like the way the QQQ is hesitating in the current range.  It was supposed to initiate a 2B Buy signal right at the current resistance range but it is struggling badly.  This has me concerned that it will take a trip back down to the bottom of the recent trading range again at a minimum.

Also notable is the horrible upside volume on the recent rally.  A dramatic decline in volume on the upside.

We will have to see how this shakes out, but I am making the BOT re short signal right now on the chance we fail here…

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12 comments on “BOT Re Short signal Right now at 1188
  1. Geoff says:

    interesting call – – – I would than have to give serious consideration to going LONG at this point

  2. JR says:

    Interesting, review my comment as of last Thursday. EW predicted the downturn almost to the dollar.
    Comment about negative effect by Merkel-Sarkowzy right on.
    etc, etc. Shorted ITMN first half hour of trading day.
    So far all according to plan.
    And yes, I agree with your short signal and no it is not the time to go long.
    Hey, Geoff what is Pug saying?

  3. RMT says:

    When in doubt, stay out…I don’t think one can go long or short at this point with any real conviction. There is no way I would add any long positions at this point; the easy money on the long side is gone. Bought a small position in the SSO last friday and got a good 4 points out of it. Easy money is gone so time to be cautious. But today’s action on the SPY didn’t suggest anything overly bearish either. This could just be a pause day or consolidation for another little push higher.Considering what came out of Europe this market could have easily been down 200-300 points on the dow, but it wasn’t. The markets will go lower (I think), but too many people are expecting another push lower right away, so I have my doubts about shorting at this minute. There’s a case to be made for both bulls and bears, so its a tough call. My bias is down, but I wont be putting my money where my mouth is ( at least not yet).

  4. Tom says:

    Yes well I could be much too early. And unfortunately if I am wrong then we are likely going to see the exact opposite occur (big up rest of week)…

    Either way, the next few days are likely to be quite interesting…

    It sure would have been nice to see the NDX 100 yesterday print a gap up doji candlestick. That would have given us a tri star doji pattern which can be potentially extremely bearish.

  5. ed says:

    Today’s news based on a lack of a decision on European bonds was an obvious ploy to lower the market. No bonds? Big deal. Nobody really expected it

    Unless the Dollar strengthens tomorrow we should resume the uptrend

  6. Tom says:

    I think it may get ugly (down) the next couple of days.. Today’s action was poor to say the least for those expecting more upside near term…

    Bot Re Short Signal still in force…

    I also think the market is getting very cranky about this:

    http://www.reuters.com/article/2011/08/17/us-usa-fed-plosser-idUSTRE77G2UQ20110817

    Dissenting Fed members… no QE… rate rises… prospect of rates rising is going to stick a fork in this market…

  7. Tom says:

    BestOnlineTrades nails another key turn in the market again !!

  8. RMT says:

    Yes Tom, Great Job…

  9. ed says:

    Good job so far, but the day isn’t over

    I haven’t heard the fat lady sing today yet.

  10. Geoff says:

    nice to see that you are taking a “victory lap”. readers need to take this victory lap into context. this blogsite was beyond horrible in the may / june period losing (by my count) 90+SP points over the course of only 2 wks. another reader had the loss at over 100 SP pts.

    RPRX recommended on 7/23/11 at 6.50 is currently at 4.47 for a loss of 32%.

    EXAS was recommended on 6/23/11 at 8.05 and is currently at 7.08 for a loss of 13%

    HGSI was recommended on 4/22/11 at 26.00 and is currently at 14.28 for a loss of 45%

    DBLE was recommended in 4/11 at 10.50 and is currently 8.22 for a loss of 22%

    URRE was recommended in late Jan / early Feb 11 at roughly 2.50 and is currently at 1.16 for a loss of 54%

    the blog initiated the Cheetah System with much fanfare in April 2011 and it promptly dropped from view along with the stocks it recommended.

    for readers who have followed and invested via this blogsite, they have lost a LOT of money – – – if you had any money leftover, this latest call is helping to get some of the money back.

    absolutely no kudos warranted as far as i can tell

  11. Tom says:

    RPRX and EXAS led to big % gains from the dates you mentioned… the other ones did not work out.. ever heard of stops ?

    BOT continues to make huge turning point calls and so far as called one of the greatest market tops perhaps in all of market history in 2011 🙂 and also caught the re short signal.

    I expect that today will not see follow through to the downside. I believe we will see an upside bounce like a basketball the next few days but I do expect the next several weeks after dust settles will see the sp500 near 1050 to 1000.

  12. Max says:

    Hey Tom,

    Cheers, you got it right this time around. Next week it’s gonna be another chainsaw massacre. Running out of champaign these days 🙂

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