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Did somebody spot a real sell-off? After a rosy start to the day, stocks are at session lows a...
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Tuesday, August 21, 2012, 3:26 PM ETDid somebody spot a real sell-off? After a rosy start to the day, stocks are at session lows a bit more than 30 minutes before the bell. DJIA -0.6%, Nasdaq -0.6%. Beleaguered VIX investors get a bounce, VXX +3.4%.
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"Three weeks ago I started calling a top at 2803.35 (NDX) all the calls can be found in my Instablogs"
Do you understand what you said there? In case your not willing to read the WHOLE sentence this is what i got out of it.
- 3 weeks ago
- called top
- Down 5% based on call
golf clap!
Closing Comments:
The DJ-30 led the charge (down move) which is a MUST for any further potential downside;
NDX: we failed to close at or below 2768.09
Gold: (December) not reaching 1644.50 will induce a dip back down to 1618.90
Crude: no change down to 96.41 although more likely 95.69
ESU12: we took out the 1416.00 support pivot, therefore down to 1401.00; I need to review today in order to fit it into the picture; hopefully later I’ll update the results
1:13EST
NDX: still waiting to see the final print on today’s high, but none the less; but the call was money on the target
We MUST have a daily close at or below 2768.09 to ONLY move the PUT IN A TOP (major) door handle
A daily close at or below 2717.16 opens the door (slightly)
A daily close at or below 2683.31 completely opens the door
A daily close at or below 2655.81 confirms a top in place.
As such 2242.87 is the down price target
Keynote: we MUST have a daily close at or below 2768.09 to ONLY consider that this move down has legs.