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Hulk, my trading is not affected by whether or not the U.S. economy is facing an imminent recession. I am strictly a technical trader, and do not let fundamentals enter my trading decisions. My conviction (discussed here for the past six months or so) that we're either about to enter or have...

38.2% retracement = ~Tuesday's HOD

Here's a link to one of the <a href=http://www.hussmanfunds.com/wmc/wmc071112.htm>best financial articles I've read in a long time</a>, written by economist and fund manager John P. Hussman, Ph.D., who runs <a href=http://www.hussmanfunds.com/>the Hussman Strategic Growth Fund (HSGFX) and the...

Nice call, Spooz. My 83.25 was a tad low. We topped out at 86.25.

There's an easy solution to that: Don't watch. :)

Also sold my IRA mutual funds at the close. What a textbook day. Exactly what I expected and was hoping for. Now let's go straight to hell! :D

Short from 1485, holding overnight.

Dow +300 achieved. Now we can all start looking to enter short. EDIT: Divergence on 3-min negated by last pop, and none yet on 5- or 15-minute. My 1483.25 target may have been a bit low, and Spooz's more on the mark.

bearish divergence just starting to show up on 3-min chart, not yet on 5- or 15-minute chart. Just a few more points... :) The talking heads would really like the Dow to close +300.

My bet is yes, and up. :)

Measured move target. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1677880>

Close enough. :)

Running buy stops again. EDIT: At 1478, time for a pause to refresh. Still hoping for >80 by EOD (and maybe 13,300 DJIA).

Interesting that at about 1345 ET, the character of this advance changed from one of running buy stops to a plodding, orderly upward grind. Latter is much healthier and sustainable, and there's a fair chance it can continue into the close.

Magnificent! Congratulations!!

Retesting yesterday's HOD here. Prior swing high 1476.50. Measured move target 1483.25. Upper price channel trendline ~1480. Nice confluence for a short entry.

This seems too soon for a big breakout, but they're obviously trying hard to make a new HOD and run some buy stops. EDIT: Damn if they didn't actually do it!

Still in a downward-drifting congestion pattern that looks bull-flaggish to me. I expect this to continue for awhile, as I'm not yet seeing bullish divergence on any of the timeframes shorter than hourly. I'm on the lookout for a possible upside breakout later in the session with a strong...

Bearish and overbought 15-, 5-, and 3-minute charts. 60-minute still bullish and oversold. Suggests a little down and then bigger up.

Very quick 5-point downmove there on relatively low volume, suggesting not so much a surfeit of sellers as a paucity of buyers. Early lunch, perhaps? :)