I really do hope that we hold 1181 or lower on the sp500 by the close today. It would in my opinion really help to seal the bear case and and the short side of this market. I continue to believe that the short side is the right side into end of October 2010.
I see gold getting slammed down hard today, the dollar gaining its footing after stumbling yesterday and AAPL showing weakness and ready to reverse down again.
Sometimes common sense works a lot better than any daily indicators. Common sense tells me that the election and QE2 Fed meeting (8 to 9 trading days from today) the day after will NOT serve as continuation buy signals. Instead I see them serving as either
- A. climax sell off points OR
- B. topping points
The possibility that the election and QE2 meeting is going to simply serve as a continuation point (after a run up into it) where the market blasts higher by another 500 points seems extremely remote at this point. I have been wrong plenty of times before but that is how I see the odds shaping up using just simple common sense.
But if I do add in all my charts and indicators, I see the same thing, either options A or B above, but NOT option C.
I want to see us hold 1181 or Lower on the sp500 today to give us a reversal hammer and topping tail or even a possible gravestone doji. Would be very ideal going into Friday before the weekend.
Now will I get my wish or not? Or will the market be a spoiler again…
BOT Short Signal still in force since 1178.64