Replies to post #87931 on SPDR S&P 500 (SPY)

[denmo83]

Don't know why my pics are coming out small...

Hope you get the idea. Rising wedge, falling volume, negative divergence, oversold stochastics.

[Footquarters]

Hey Dennis







Mike Burk said this market is going up on air... Bearish report and then says, conclusion is we are going higher LOL... guess when the last bear goes long, we know it is time to leave the building. Got the lastest report on sales in real estate. There are 8000 pending sales in the greater Orlando market, most ever(generally 2000 to 3000), but the problem is nothing is closing. If this number doesn't go down soon, my bet is that they walk away from them as most are short sales. That could raise the inventory by 40% in a couple of months. There are 26K Bank owned hitting Fl this month and that means that the inventory should really climb and we will continue to have price destruction in Ca, Fl, NV etc....With the 8K going away, I wonder what will happen to the market.... Toxic assets and Mark to Market will still be in play next year.... Got TARP???????? LOL

[2bit-nothing]

Den,

I beg to differ. There were many wedges since March low and they were all appropriately released. You cannot categorise the whole six month as a big wedge and expect a huge release. That won't happen. Right now we are in a channel within a channel.

2bit