Replies to post #23093 on The TradingEdge

[Mike_Mac]

Glen...this action to me typical of market waiting on Options Ex and likely we will some weird action in front of June 20 Fed meeting. See my other post...lays out divergences I'm seeing (but I did try to clearly lay out what undercuts my argument (e.g., I see too much saying we have more downside over next few days or so...), but I do see things that are under cutting my argument...

So hopefully I spelled that out clearly in the post I just made a few minutes ago... Typical market indecision in front a big news weekend and week...., Market climbing that wall of worry so to speak on low vol, but underling measure not necessarily clear one way or the other.... What i see is that typical measures of trader fear are not abating all that much..that to me tends to be bearish in short to mid term (until that trader negative sentiment is removed).

[jxyzobrien]

Building base or triangle

A W (base or triangle) is built in anticipation of news to break
out. 3 times we went to the bottom of the base and did not break
down. The key is Greece and their market is up today. Thats why
I see a gap up monday.

Now if we gap down hard tomorrow then sell all day and close at
the lows then the vote is bad and i am wrong. Then my analysis is wrong and we were in distribution.

Market topping here