PM *pop* or poop??

[dbphoenix]

Quote from Magna:

Anyone have any idea what happened there? I'm referring to the sudden collapse that started around 15:27. On my 1-min ES chart the 15:28 bar gapped down 3 ticks, I don't remember seeing that between bars even on massive spikes caused by gov't reports. That was a serious collapse, news related?

What manz66 posted may have something to do with it:

Quote from manz66:

So, tax cut did not stimulate the economy, government spending ( defense spending 1.7%) did. So, are we looking at bull trap?

 

[indahook]

 

[waggie945]

Wow.

 

[icarus618]

Quote from Magna:

Anyone have any idea what happened there? I'm referring to the sudden collapse that started around 15:27. On my 1-min ES chart the 15:28 bar gapped down 3 ticks, I don't remember seeing that between bars even on massive spikes caused by gov't reports. That was a serious collapse, news related?

That was the other shoe dropping.

 

[Brandonf]

Holy Chit. I was definatly expecting a rally into the close. Tons of really nice bases, the market held great over noon, then SPLAT. The only thing that saved me is that even when Im 100% bullish I still scan for weak stocks as a sort of hedge and I came across QLGC which I got short at 43.83. Saved my ass.

 

[Tea]

Looks like it bounced off the other side of the channel its forming in the S&P500.

With trendiness very weak - this ping-pong action is probably normal.

 

[fan27]

Definitely not a Key reversal Day. If you look at the ES 60 min chart, it looks like we are still in this oscillating/choppy pattern.

 

[waggie945]

Wave 51= 19.76 on 10/9/2002
Wave 52= In Progress
Wave 52A= 28.79 on 11/29/2002
Wave 52B= 23.32 on 2/13/2003
Wave 52C= In Progress

Predictions:
Most likely top for 52C is 34.27, but could turn at any time.
Also below is an alternate Bullish count.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

If this guy is right, then we are about to head into a killer THREE WAVE to the downside inside of WAVE 5 down. Probably just in time for yet another October Low!

But of course, there is ALWAYS an alternate count.
Stay tuned!

 

[dbphoenix]

Quote from Tea:

Looks like it bounced off the other side of the channel its forming in the S&P500.

It had about 10 more points to get there. In any case, this is unlikely to encourage the bulls.

 

[indahook]

Quote from fan27:

Definitely not a Key reversal Day. If you look at the ES 60 min chart, it looks like we are still in this oscillating/choppy pattern.

Every time frame looks like that. But todays action mght lend a clue....then again what the F do I know. I have been known to be wrong 43% of the time! Anyhow...put my money where my mouth is . Long Sept 985 SPX puts. Stopping myself out if the SPX trades above todays high. Trade your theory and let the mkt prove its validity.