Prepare For Nasty Action Next Week As "11th Hole" Is Released This Monday

[Lojanica]

Quote from Petsamo:

We may gap down so big that we won't have much of a sell off. Then, it'll be a buying opportunity, like what noddyboy said.

That would be ideal.

So the set-up is to buy the gap and wait for the retrace then double sell to be net short for the retest of the low. Cha-cha-cha-chinggggg!!!!!

 

[piezoe]

Quote from Rabbitone:

I believe it is come back in November. I have been in shorts in September and October for most of the last 10 years.

This year we have a U.S. election in November, so i'm guessing the market will have to break with its September tradition to give a boost to the party in power..

 

[S2007S]

China off 3% tonight!!!!

Officially in a bear market!!!!!


Expecting much volatility this week, who knows maybe even another trillion dollar bailout for europe.

 

[S2007S]

Mentions 1132 will be tested in the next 2-3 sessions, its being tested right now at 1123, im thinking you can see this market go into a total free fall, spx breaking 1000 over the next month or so is certainly not out of question.



Charts: Look for S&P 500 Support at 1,132
Published: Friday, 14 May 2010 | 12:25 PM ET
Text Size
By: CNBC.com



The S&P 500 will fall toward 1,132 points in the next two or three sessions and then start a "large sideways movement," Bill McLaren, independent trader, told CNBC Friday.

"We're going to see a two or three day move down, if not starting now it will be early next week. We can look for support at 1,132 (points)," McLaren said.

The S&P [.SPX 1135.68 -21.76 (-1.88%) ] will then recover the dip and begin "a large sideways movement," he said.

"The dominant cycle now is a five-year bear cycle that started in 2007 after the 2007 high," he said.

In the next six months the high of 1,220 points and the low of 1,060 points will both be tested, according to McLaren.

The overall bear trend will last one and half to two years, he added.

 

[S2007S]

*OIL
70.17 -1.44 -2.01%
*GOLD
1233.30 +5.90 +0.48%
KEY CURRENCIES
EURO
1.22 -0.0081 -0.65%
BRITISH POUND
1.43 -0.01 -1.35%
YEN
91.89 -0.41 -0.44%
U.S. TREASURIES
10-YEAR NOTE
3.40 -0.05 -1.55%
FUTURES
*S&P FUT
1121.70 -13.60 -1.19%
*DOW FUT
10497.00 -112.00 -1.05%
*NAS FUT
1888.50 -21.25 -1.11%
MAJOR ASIA INDICES
*NIKKEI
10229.02 -233.49 -2.23%
*HSI
19646.00 -499.42 -2.47%
*CHINA
2617.69 -78.93 -2.92%
*S&P/ASX 200
4483.20 -127.90 -2.77%

 

[IronFist]

what is the 11th hole? i cant view the vid on my phone.

 

[Petsamo]

Dang futures are almost positive. I was hoping for some excitement.

 

[Ivanovich]

The invisible hand came back into the market with Europe and Futures are looking much, much better. Thanks, Banana Ben!

 

[Petsamo]

Quote from Ivanovich:

The invisible hand came back into the market with Europe and Futures are looking much, much better. Thanks, Banana Ben!

Nah, it's all BP's fault. They were able to come up with something to capture the oil. Plus, gold was too high. It had to come down.

 

[abducens]

Last night futures were down in double digits, was it a dream?