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  • Cataclysmic Event On Horizon For Markets...Either $107 Or Huge Drop Coming Based On Blast In Next... 1 comment
    Sep 16, 2009 10:57 AM | about stocks: SPY
    The market is nearing a cataclysmic event and all traders, swing traders need to watch.  The trend line below shows us that a close below could signal a hard sell for the rest of the day while staying above will no doubt take this market to $107.  The markets are literally on a major point here on this Whipsaw Wednesday and looking for guidance.  The nutty market has traded higher over the last two weeks after a big four day drop.  As the market continues to just put minor up days together, we see the administration is doing whatever they can to keep this market floating and not crashing.  So far it has worked and it has been impressive.  Never before have you had such interference in the markets as what we see now.  In any case, note how every wild card card is being used every day now to keep this market floating higher.  Yesterday it was Bernanke saying the recession was over, today Warren Buffet said things were better than one year ago and he was buying stocks.  Last week, Geithner had a town hall meeting to pump, pump, pump and let's not forget Obama has been on tv sometimes twice a day to pump things up.  Regardless of everything that has been said above, just follow that trendline.  As long as we stay above that trendline, this market is going to $107 on the SPY.  If we break it though, watch out!
    Themes: trendline, trading, obama, money Stocks: SPY
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    Per My Last Post On The SPY...Market Does Not Break Green Trend Line, Thus Higher It Goes For Another NICE Trade.

    You are privy to the best technical guidance in the world. As I stated in the previous post on the SPY the only way this market will start to collapse is if we close below and confirm the green trend line break. That did not happen after we tested it early. Therefore, as I said before, this market will head higher to $107. The only way this changes, is if the green trend line is broken. The dollar again has started to go lower, everytime this happens, the markets move higher. Day after day, week after week. It seems the dollar is pushed up at the open only to move lower throughout the day. Rinse and repeat. In addition, continued positive comments continue to flow from every top official from the President to the Fed Chairman. This has kept this market afloat and moving higher. Bravo folks. But how long can you keep it floating?
    16 Sep 2009, 11:26 AM Reply Like
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