Is S&P forming intermediate term double top?

[Nine_Ender]

Quote from Tsing Tao:

if you dont go bust first.

market rocketing up with no news at all. quite stunning, actually.

No news ? You aren't paying attention are you. There were several important news items that preceded today's rally, and several more that occured during the day that helped sustain the rally.

 

[Nine_Ender]

Quote from fly down:

The S&P was @ 1221.1 when this thread started.

Bold any words you like, the S&P is @ 1206 now and that's much more like a zig zag.

You predicted an imminent correction from 1177 before December 15th. Two things about this. First of all, it is very stupid to think you can call a correction within such a narrow time frame. Even if you have fundamental reasons to support your idea, the timing is a complete lottery guess. You are trying to be a hero ( something you failed miserably at in October ) again without properly analyzing reality and ALL possibilities.

Second of all, a consolidation period after retesting a yearly high is nothing fancy its what most of us would expect from a healthy bull market. We found support at 1180 area and depending on economic news we could have done anything from here the next two weeks ( ie range 1175-1225, drop to 1130-1150, or break that 1225 level ). All three scenarios were possible because there is a complex combination of great news and terrible news in the world right now. You insisted of course we were not only going to drop but in short order we would CORRECT. No surprise really you expected 1000 level in October and your extreme negative bias on markets remains.

I sincerely hope that if we do break 1230 next week you will understand you need to get out of the Index Forecasting business !!! That would be two very serious cases of being owned within a three month period of time. The truth is you don't need to know where the Index is going to make serious coin trading.

 

[fly down]

Quote from Nine_Ender:

I predicted an imminent correction from 1177 before December 15th. Two things about this. First of all, it is very stupid to think you can call a correction within such a narrow time frame. Even if you have fundamental reasons to support your idea, the timing is a complete lottery guess. You are trying to be a hero ( something you failed miserably at in October ) again without properly analyzing reality and ALL possibilities.

Second of all, a consolidation period after retesting a yearly high is nothing fancy its what most of us would expect from a healthy bull market. We found support at 1180 area and depending on economic news we could have done anything from here the next two weeks ( ie range 1175-1225, drop to 1130-1150, or break that 1225 level ). All three scenarios were possible because there is a complex combination of great news and terrible news in the world right now. You insisted of course we were not only going to drop but in short order we would CORRECT. No surprise really you expected 1000 level in October and your extreme negative bias on markets remains.

I sincerely hope that if we do break 1230 next week you will understand you need to get out of the Index Forecasting business !!! That would be two very serious cases of being owned within a three month period of time. The truth is you don't need to know where the Index is going to make serious coin trading.

and from page #1

Quote from Nine_Ender:

Quit posting this crappy analysis masquerading as technicals. As I told you before, you don't have a clue how to read a chart. Here's some news for you; you can't call "double tops" before they are established.

I've called around a dozen tops in two months. It's getting really, really stupid buddy. Yes, if you call a top every few days eventually you'll get a top. Then you claim a 10% success rate predicting tops I guess.

I've been thoroughly owned. You claimed the S&P 500 was going to 1000 in short order from 1103, when in fact it went to 1220. That's a 22% miss on an index; that's brutal.

Please stop posting this crap. It's embarrassing.

and there are other posts. do you really have so little going on that you feel the need to continuously write long paragraphs on this thread?

 

[Tsing Tao]

Quote from Nine_Ender:

No news ? You aren't paying attention are you. There were several important news items that preceded today's rally, and several more that occured during the day that helped sustain the rally.

try reading all of the posts you missed rather than just answering a choice one. my next post was more about the "news" of the day (hilarious as it was).

 

[Tsing Tao]

ES up another 10 points now. not exactly rocketing, but close.

zig zagging, but zig zagging straight up!

 

[Tsing Tao]

we're within 2 points of your top, flydown. doesn't look good, mate.

 

[S2007S]

Just buy the FUCKING DIP!!!!

HAHA classic one right here.

This is so true of buying the dip!



<object width="480" height="385"><param name="movie" value="http://www.youtube.com/v/jllJ-HeErjU?fs=1&amp;hl=en_US"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/jllJ-HeErjU?fs=1&amp;hl=en_US" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="480" height="385"></embed></object>

 

[shortie]

Quote from Tsing Tao:

we're within 2 points of your top, flydown. doesn't look good, mate.

2 points or 10 points higher won't invalidate the call. in fact the call already proved itself since we had a noticeable correction after it was made.

 

[Tsing Tao]

Quote from shortie:

2 points or 10 points higher won't invalidate the call. in fact the call already proved itself since we had a noticeable correction after it was made.

i would argue the double top time frame is from April to the beginning of November or so, and that it would have to hold here for a double top to truly be formed. otherwise, the double top formation never formed, it was actually broken.

 

[S2007S]

Notice once again today, the market gaps up trades higher and doesnt pull back any bit more than maybe .10%. Notice how quietly the market is when it trades higher, you dont feel much volatility. You feel more push and pull on down days than you do any up day.