Wednesday, January 7, 2009

Are the Bears Just Sleeping In Today?


....So far volume is a little light for all this price destruction this morning... Certainly the Bears were handed the ball this morning on the news... We will see if news drives it today. We do have a downside target that can be tested. Perhaps we'll see volume pickup to the downside. I'm flat here as posted last evening....
....We expect support to come on Nasdaq at 1596 if we don't bounce before...
More intraday Updates in Comments Section Below, Feel Free to ask me any questions or if you have any comment... let's hear it!
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12 comments:

  1. milbankJanuary 7, 2009 at 8:23 AM

    Hi Tom. I had a moment to log on to tell you again how much I appreciate the work you send me every evening and for your new blog site.

    ReplyDelete
  2. SemiBizzJanuary 7, 2009 at 8:38 AM

    OK, so we look to be in a consolidation here with a volume target of 922.

    GG, USO fell to 34.51 low, that volume target of 34.26 is not far away now...

    ReplyDelete
  3. SemiBizzJanuary 7, 2009 at 8:43 AM

    FAST MARKET ALERT

    HERE WE GO

    ReplyDelete
  4. SemiBizzJanuary 7, 2009 at 8:46 AM

    SPX 3 MINUTE CANDLE TREND TURNED UP

    ReplyDelete
  5. SemiBizzJanuary 7, 2009 at 9:00 AM

    So here's what the bulls have in mind here...

    That was a long runup with marginal retracement

    Since the 857 bottom...

    So Possible LONG ABC UP

    A 857
    .......86 pts
    B 943
    ...........close to the .382 (31pts)
    C 912

    D 998

    ReplyDelete
  6. SemiBizzJanuary 7, 2009 at 9:14 AM

    And here's what the Bears would like to see
    A 943

    B 912

    C 921

    D 890

    And we do have that volume target around 885.

    ReplyDelete
  7. SemiBizzJanuary 7, 2009 at 9:16 AM

    Volume dropped off here, 3 min candle trend still green, and dojis are printing... I can almost visualize the five guys that run Wall Street sitting around a table with brandy and cigars trying to sort out the equilibrium. If one of them farts, the other may panic...

    ReplyDelete
  8. SemiBizzJanuary 7, 2009 at 9:21 AM

    so 15 min of compression there, under the 3 min VAMA (Volume Adjusted Moving Average)... the tension mounts.

    ReplyDelete
  9. SemiBizzJanuary 7, 2009 at 9:53 AM

    3 min candle trend reversed back to RED...

    Bears and Bulls fighting it out...

    ReplyDelete
  10. SemiBizzJanuary 7, 2009 at 10:01 AM

    34.25 USO... Bingo.

    Now we need to close over it to prove we can go higher....

    And 28.87 fib target comes back into view..

    ReplyDelete
  11. SemiBizzJanuary 7, 2009 at 11:06 AM

    Another Red Candle Trend signal with improved volume this time... New Low. All in the context of light volume on the daily... We'll see, if this is Armageddon, It's a Whimper rather than a bang...

    ReplyDelete
  12. SemiBizzJanuary 7, 2009 at 12:10 PM

    Now it's getting ugly, 3 min gap down on volume...

    ReplyDelete

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