s&p just made intermediate term top @ 1326.7

[thorn]

Quote from thorn:

the s&p has been unable to bust thru 1326.7 in recent days, and now has sold off abit. I say that 1326.7 marks massive resistance now.

I'd like to be the first to thank Thorn, for his insight and help in showing that the market moves in 2 directions. And most especially, for calling this top with pinpoint accuracy and making me aware of the correction ahead of time.

 

[Eliot Hosewater]

Quote from thorn:

I'd like to be the first to thank Thorn, for his insight and help in showing that the market moves in 2 directions. And most especially, for calling this top with pinpoint accuracy and making me aware of the correction ahead of time.

Good call.

What do your crystal balls say now?

 

[thorn]

Quote from Eliot Hosewater:

Good call.

What do your crystal balls say now?

Thanks amigo. Only I don't have crystal balls. I have brass balls.

Whatever I said in this thread holds hosewater. The top is intact for the entire summer. And I would not be surprised to see the s&p below 1200 soon. Today is definitely not a capitulation day, and I look for the s&p to take out today's low of 1235.2 within the next week.

 

[CPTrader]

Quote from thorn:

Thanks amigo. Only I don't have crystal balls. I have brass balls.

Today is definitely not a capitulation day, and I look for the s&p to take out today's low of 1235.2 within the next week.

Quite bold....Quite bold!

 

[krazykarl]

Quote from thorn:

Thanks amigo. Only I don't have crystal balls. I have brass balls.

Whatever I said in this thread holds hosewater. The top is intact for the entire summer. And I would not be surprised to see the s&p below 1200 soon. Today is definitely not a capitulation day, and I look for the s&p to take out today's low of 1235.2 within the next week.

KrazyKarl's 3-step program to bullishness:

1. oil and gold drop.
2. the fed will pause.
3. profit.

Bernenke isn't as stupid as everyone thinks. The fed knows the spec money popped commodities and now it's draining out. If oil dips below 65 and gold breaks 600 in the next 2 weeks the fed will pause. I expect the indicies to float up afterwards, through the summer, on light volume then break 1330 in September.

 

[EqtTrdr]

Quote from thorn:

Thanks amigo. Only I don't have crystal balls. I have brass balls.

Whatever I said in this thread holds hosewater. The top is intact for the entire summer. And I would not be surprised to see the s&p below 1200 soon. Today is definitely not a capitulation day, and I look for the s&p to take out today's low of 1235.2 within the next week.

Next week is op ex no??

you really think they burn the calls again like last time??

 

[newbunch]

"It was very curious how, after suffering tremendous losses from a break of fifteen or twenty points, people who were still hanging on, welcomed a three-point rally and were certain the bottom had been reached and complete recovery begun." Reminiscences of a Stock Operator

 

[frank grimes]

Krazykarl, I can see that you are a newbie. Oil going down will not help the broad mkt, only the transports, and they were in the red. Additionally, when the fed stops or pauses, the mkt tends to sell off. Maybe we are discounting that right now, but I tend to doubt that. The mkt has changed since early May, We had a nice cyclical bull mkt for 3 1/2 years, inside of a secular bear mkt, you take what you can get. I'm not saying we are going to crash from here, but I will say we will not make new highs for quite awhile. The mkt is searching for a new lower end of the trading range, by sept/oct we will find out where it is. We could certainly bounce from here, but I will sell all u want at 1284-1290 spoo.. My opinion only of course. Oh and you #3 not sure what you mean

 

[thorn]

Quote from EqtTrdr:

Next week is op ex no??

you really think they burn the calls again like last time??

Why don't you be a gentleman and give me my accolades for calling the last expiration correctly, since I was responding to YOU.

Then, i'll by a gentleman and answer your question.

 

[frank grimes]

Quote from EqtTrdr:

Next week is op ex no??

you really think they burn the calls again like last time??
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in a bear mkt, yeah they may get smoked