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The short term watch shows a substantial differences between the SPX and RUT during the last week.
Here, they are presented as TNA versus SPY. However, they both suggest that a short term correction is possible: a surprising drop on close for TNA and bearish ascending wedge on SPY, supported (so far) by the mid-envelope line:
SPX. I posted here a predecessor of this chart, with the same count, over 1 moth ago, when “it” called for a top of W3 (green) and w5 (yellow) due an imperative, which seemed obvious to me: w5<w3<w1.
Anyway…let’s look up and forward: I sketched some extension levels, which do not need further explanations.
One could notice two levels of confluence, which I will be watching with interest. My bet is that one of them will become a LONG TERM TOP.
SPX levels. Here is an almost complete display of the levels I work with now. In essence, if the HOD yesterday becomes a temporary top, then I will be tempted to adopt an alternate MM count so that the present 7/8 will become the top of the octave (8/8). As a consequence, the zone 1208 -1202 will be strong support, since 1202 would be now 6/8 which usually is an essential support /reversal level.
Yes... sold it!
TZA looks good: Today C/P vol =5
Good luck!
GFRE Jan 12.5 calls @ 0.35
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I am waiting for bottom TZA confirmation.
Today PPO, MCP and REE had a stellar performance.
WLT, GFRE and TRE (also previously discussed) did well.
And something new and quite different :
Reversal + up-acceleration signaled for a beaten stock: GCA (Global Cash Access).
In spite of being spectacular, the METALS small caps are not identical. One could use charting + fundamentals for guessing the next steps of some stocks in this complicated world. The allegoric titles used, only represent a personal opinion. However, this opinion was not randomly generated.
TRE:…the GOOD
REE…the BAD
NXG…the UGLY
NGO…the TOO GOOD TO BE TRUE
Yes, AGN Apr 72.5 calls...to keep for a while.
AGN: After Friday’s closing bell, Allergan (AGN 68.80, +0.52, +0.76%) reportedly received backing from a Food and Drug Administration advisory panel to make its weight-loss surgery device available to Americans with less-severe obesity.
Maybe, but risky! The Big Boys have lots of resources to lift the market - particularly now, in Dec.
Interesting table! Thanx!
Wow 3X! You are an expert on this issue. So tell us, what do you think: should this LAP-Band be approved for a guy of 5-foot 9-inch (175-centimeter), but who weighs only 220 pounds? That is what FDA will have to decide.
AGN (Allergan) will face an important FDA decision tomorrow.
http://www.bloomberg.com/news/2010-12-01/allergan-lap-band-safe-for-use-in-broader-population-group-fda-staff-says.html?cmpid=yhoo
Charts are promising, but not yet bullish.
UTX Feb 80 calls @ 1.83
Today looks bearish indeed. Some “people” try to rescue the market but they find no buyers to support them. The closing will tell us a lot.
A classical observation says “a low volume new down move is often followed by an accelerated move, on high volume, in the same direction“.
IMHO, this is particularly true at the edge of a rounded top or after the confirmation of a double top.
RBY Mar 5 calls @ 1.40 = 1/3 of the potential position.
RBY (Rubicon Minerals) breakout. It has options!!!
Thank you 3X! Same to you!
On Friday the market looks pretty grim!
Like that Langy! Good luck!
Yes, I think this would be very good!
AAU (Almaden Minerals): breakout today on good mining news!
I lost my patience and bought some at the market. I got them at 0.9754! LOL!!!!
Very interesting. I put an order to buy some @ 0.92
TMF UP (strong) & TBT down, as previously discussed!