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Inverted head and shoulders on the SPX?
- Thread starter fantastic4
- Start date
Quote from fantastic4:
But the market was expecting worse than negative 3.8, even seven was on the low range. The initial reaction was a 10 point pop up on the ES.
First off, 5.4% was what the analysts polled by Reuter's estimated.
Second of all, realistically speaking the number wasn't really -3.8%
Taking into consideration inventory build-up ( which gets counted as "growth" ) the REAL GDP number was actually:
5.1%
That's not far off from market expectations.
Well, with the close below 830, I'm feeling uber bearish. All I can now think of are new lows, and banks being nationalized. I'll be closing my long position on the Thai market first thing Monday morning at a loss.
Quote from fantastic4:
Well, looks like GDP was good, if you can call negative 3.8 good. The only market internal not supporting this early morning rally is the $TRIN, otherwise we got the VIX dropping, BANK rising, and I don't think we've had a single TICK under zero yet.
Interestingly at the close of today's trading session the $BANK reached lower price levels as did all of the indices. The chart pattern (a falling wedge) is indicitive of mounting selling pressure confirming non support of the - 3.8 GDP better than expected - 5.5 . The 1578.88 low of the day breached the lower range of the wedge formation before reversing to close at 1584.06.
http://stockcharts.com/h-sc/ui?s=$BANK&p=D&yr=0&mn=6&dy=0&id=p23129100789&a=143335942&listNum=1
Well, very early at the beginning of the market, the internals, except the TRIN were all confirming the move. Now, I think things are looking bleak. Unless futures are rallying hard Monday morning, I'll be closing my positions in Thailand.
Hey AMT, could you explain your NET long strategy again?
According to the Washington Post, this is the worst January ever on record, and January has predicted the year's actions with an accuracy of 83% over the last 30 years. I guess that means we could be in for a choppy to bearish 2009!
I still believe we're at bottom unless the banks have another whammy, which now I believe they very well may. I'm still really disappointed with BAC. They had the audacity to increase their dividend in the third quarter, and pretend like everything was fine. Now, they're on the verge of being nationalized.
I still believe we're at bottom unless the banks have another whammy, which now I believe they very well may. I'm still really disappointed with BAC. They had the audacity to increase their dividend in the third quarter, and pretend like everything was fine. Now, they're on the verge of being nationalized.