Replies to post #2235 on SPDR S&P 500 (SPY)

[Footquarters]

re Middle of Jan

Seems like with the Fed meeting on Jan. 17 and the oil consolidation right now, we could have a double down at that point. Just speculation here.

[2X-Be-Me]

Gleno, I agree, you need to look at longer-term charts to see what's happening. For instance, there's no doubt in my mind that the QQQQs topped on 11/22/06 at a closing price of 44.73 and have been falling ever since. The SPX and INDU did not top on that date and have continued their climb since they both bottomed simultaneously on 6/13/06 (the QQQQs bottomed on a closing basis on 7/21/06 at 35.70). I've always theorized that the QQQQs lead the other indexes. Which makes me think we may see a sharp turn-down of the SPX and INDU, as well as a bottoming of the QQQQ decline, toward the end of this month. We'll see. 2X

[oxbird]

I totally agree with you, Gleno......and actually, it appears to me that NDX looks weak on a more short-term basis, as well.

Seems that there is a very reflexive positive attitude out there that stands to make this market strong at the beginning of trade tomorrow, although the charts that I look at do not look very positive at all. Looks like a top, although I am not sure that bearish technical signals have much meaning right now.

Maybe we will see a big spear up like we saw at the beginning of 2006....????