That's a good job of sticking with it, Pata. Nice work.
My opinion only...we have a lot more downside in terms of time. I don't expect the new uptrend to develop until at least late January and it may be February. I'm not all bearish, I expect more than 150 SPX points of drop here. After this IT drop, I expect a full retest of the 1380+ area by early summer to create the price high. That's my roadmap. But the first thing to address is that the intermediate clock had been ticking and expecting much upside from here is risky business.
Everyone on my twitter stream is bullish. It's a scary setup for the next month.
Quality commentary and market view as always!. Many thanks. I disagree about 1380 , I believe we are going all down from here but hey , what do I know. I will keep your scenario in mind anyway. Keep it coming.
Hey Pata, I'm glad you disagree about the 1380. I don't like the idea of going to 1380, but it's what I'm seeing. I'll be happy to be wrong, I'm an angry bear underneath it all. Every time I go long, it's with a grudge. Wherever this upcoming intermediate low lands will fill in some blanks.
For all I know, we keep going up from here and I'm wrong on both accounts. I'd have to apologize to Doug Kass for all the smack I've been talking. He keeps buying intermediate term long positions at 1250+. I cannot, will not go long here at this time. Time and price say its risky.
Pata, today is a major accumulation day after yesterday's major distribution day. Patternwise, does it look like a repeat of 12/7-12/9's pattern? thanks
That's a good job of sticking with it, Pata. Nice work.
ReplyDeleteMy opinion only...we have a lot more downside in terms of time. I don't expect the new uptrend to develop until at least late January and it may be February. I'm not all bearish, I expect more than 150 SPX points of drop here. After this IT drop, I expect a full retest of the 1380+ area by early summer to create the price high. That's my roadmap. But the first thing to address is that the intermediate clock had been ticking and expecting much upside from here is risky business.
Everyone on my twitter stream is bullish. It's a scary setup for the next month.
FWIW, I'm still on the lookout for a tick-over or retest. They don't want anyone to along for this ride.
ReplyDeleteQuality commentary and market view as always!. Many thanks.
ReplyDeleteI disagree about 1380 , I believe we are going all down from here but hey , what do I know. I will keep your scenario in mind anyway. Keep it coming.
GL
pata
Hey Pata, I'm glad you disagree about the 1380. I don't like the idea of going to 1380, but it's what I'm seeing. I'll be happy to be wrong, I'm an angry bear underneath it all. Every time I go long, it's with a grudge. Wherever this upcoming intermediate low lands will fill in some blanks.
ReplyDeleteFor all I know, we keep going up from here and I'm wrong on both accounts. I'd have to apologize to Doug Kass for all the smack I've been talking. He keeps buying intermediate term long positions at 1250+. I cannot, will not go long here at this time. Time and price say its risky.
Pata, today is a major accumulation day after yesterday's major distribution day. Patternwise, does it look like a repeat of 12/7-12/9's pattern? thanks
ReplyDeleteI still believe ST top will be around this level. (crossed fingers :) )
ReplyDelete