The market evaded any near term bearish signal yesterday and is now set up to tread higher above 1230. There exists the extraordinary possibility that the market may turn the previously potential bearish monthly MACD histogram setup into a bullish one. That would occur if we see November and December 2011 closes higher as up … Read more
The tape action in the short term is looking very bullish to me. I made a case a some time ago that there could still be a strong bullish case for the markets. This continues to appear to be the case and now appears to be the favored scenario. It could very well be that … Read more
The sp500 in the recent several days has staged a large rally. Friday’s move was more of a consolidation doji and in my view was constructive relative to previous moves at channel resistance. Considering the large previous 3 day rally we had and the fact that Friday’s move barely gave any of it back, I … Read more
The bearishness in the market today was completely rejected. I am switching to BOT long signal on sp500 at the open tomorrow. I have re evaluated the price charts and am coming to the conclusion that the mini bear may be over for now. I am starting to consider the possibility that the market may … Read more
It looks like yesterday’s dip under 1313 was a fluke and today we pop back above it again. So back to BOT long again as long as we hold above 1313. If we do not or fail by the end of the day today then will go back to BOT short. Sorry for the confusion. … Read more
I am switching back to the BOT Long signal at 1295. The bulls are running the show here still. The bears FAILED to break under the mid March 2011 high volume swing low and they had plenty of chances. So this only means one thing.. bullish price action ahead and possibly very bullish and longer … Read more
The sp500 has been basing sideways for about 2 weeks. The market is neither going down or up. But my sense is that it wants to blast higher again into 4th July 2011 for a while. However I will not switch to a new BOT Long signal unless we see the sp500 close and break … Read more
Yesterday was a doji candlestick day and not much progress either way. The volume on the SPY ETF was again horrible and weak relative to the very high volume SPY swing low in mid March 2011. We are not pushing down with enough volume. This correction is too orderly. The bottom may in fact be … Read more
Might as well switch to the BOT long signal on the sp500 now even thought I am very late on the bounce from the large swing trading range. There is a daily bullish triple P on the macd histogram although still unconfirmed. Honestly I should wait for confirmation so I am being aggressive switching to … Read more
I would rather not wait around for the sp500 to trickle up. Instead I am going to switch back to BOT Long Signal at 1313 on the sp500 from a previous neutral stance. It looks to me like we are going to hold 1300 here and tread higher in a head and shoulders bottoming formation. … Read more