SP500 intra day reverts to sideways chop with bearish bias ie more mixed signals.
Market Outlook
- Thread starter GrandSupercycle
- Start date
SP500 short signal resumes.
As mentioned, GOLD weekly chart is very overextended and significant correction still expected.
<strong>PRIMARY DOWNTREND RESUMES.</strong>
Problem is most of Obama's stimulus are merely just extensions to programs already in place. In reality, that 450 billion is only 150-200 billion. Even so, this market/ economy is going to have to rebuild it's foundation and that means some pain in the markets. 4 months ago I said my target on the Dow was 9800. That doesn't mean we can't go lower,that's just an area where I may establish some longer term positions.
Another down day and they blame it on Europe yet again, getting really old blaming every single drop in the US markets on the Europe crisis.
How long have we been hearing about Greece defaulting on its debt, its such old, repetitive news it shouldnt even be mentioned until the day it finally happens, wasnt Greece suppose to default about 94 times already.
Dow Plunges 300 Amid Greek Debt Concerns
CNBC.com | September 09, 2011 | 03:21 PM EDT
Stocks continued to decline Friday, as investors hesitated to hold equities over the weekend amid fears that Greece may default on its debt and following news that ECB's Juergen Stark will step down due to a conflict over the central bank's bond-buying program.
The Dow Jones Industrial Average plunged sharply to trade below the psychologically-important 11,000 level, led by McDonald's [ MCD 84.66 -3.95 (-4.46%) ] and Hewlett-Packard [ HPQ 22.58 -1.29 (-5.40%) ] after logging a triple-digit decline in the previous session.
The Dow has posted three-digit moves in 19 of the past 24 trading sessions and is on pace to see its worst week in three.
The S&P 500 and the Nasdaq also tumbled. All three major averages are now poised to close in the red for the week.
How long have we been hearing about Greece defaulting on its debt, its such old, repetitive news it shouldnt even be mentioned until the day it finally happens, wasnt Greece suppose to default about 94 times already.
Dow Plunges 300 Amid Greek Debt Concerns
CNBC.com | September 09, 2011 | 03:21 PM EDT
Stocks continued to decline Friday, as investors hesitated to hold equities over the weekend amid fears that Greece may default on its debt and following news that ECB's Juergen Stark will step down due to a conflict over the central bank's bond-buying program.
The Dow Jones Industrial Average plunged sharply to trade below the psychologically-important 11,000 level, led by McDonald's [ MCD 84.66 -3.95 (-4.46%) ] and Hewlett-Packard [ HPQ 22.58 -1.29 (-5.40%) ] after logging a triple-digit decline in the previous session.
The Dow has posted three-digit moves in 19 of the past 24 trading sessions and is on pace to see its worst week in three.
The S&P 500 and the Nasdaq also tumbled. All three major averages are now poised to close in the red for the week.
As mentioned for some time - the S&P500 long term monthly chart has been tracking sideways this year.
This extensive distribution signified a bearish big picture and that a significant downtrend would develop.
In addition, my long term indicators have continued to warn of significant USD strength and EUR/USD weakness and these warnings have increased since 2009.
This extensive distribution signified a bearish big picture and that a significant downtrend would develop.
In addition, my long term indicators have continued to warn of significant USD strength and EUR/USD weakness and these warnings have increased since 2009.
Originally posted Feb 16, 2011.
<em>When DOW/S&P500 correction gathers momentum I expect:
UP ~ USD, various USDXXX currencies, VIX Index
DOWN ~ EURUSD, AUDUSD, NZDUSD, GOLD/SILVER, Base metals like
COPPER etc, CRUDE OIL</em>
<em>When DOW/S&P500 correction gathers momentum I expect:
UP ~ USD, various USDXXX currencies, VIX Index
DOWN ~ EURUSD, AUDUSD, NZDUSD, GOLD/SILVER, Base metals like
COPPER etc, CRUDE OIL</em>