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Stocks rebound from sizable early losses as the word "optimistic" escapes John Boehner's lips...

Stocks rebound from sizable early losses as the word "optimistic" escapes John Boehner's lips during a press briefing. The House Speaker says he's willing to put revenues on the table if they can be accompanied by spending cuts. The other side: Erskine Bowles tells the WSJ the WH is flexible on the level of top tax rates. S&P 500 -0.2%.
Comments (12)
  • Lilguy
    , contributor
    Comments (309) | Send Message
     
    Blah, blah, blah, blah, . . . .

     

    SHOW ME THE BEEF!
    28 Nov 2012, 10:50 AM Reply Like
  • Zankudo
    , contributor
    Comments (224) | Send Message
     
    A licking does wonders for a mind change, but Alan West won't be happy with all those commies still around.
    28 Nov 2012, 10:53 AM Reply Like
  • Bret Kenwell
    , contributor
    Comments (485) | Send Message
     
    We can only rally on hope so long...need to see something substantial otherwise Mr. Markets going to have a tantrum the closer we get to Jan 1st with no deal.
    28 Nov 2012, 10:53 AM Reply Like
  • genomegk
    , contributor
    Comments (512) | Send Message
     
    Good grief the fiscal cliff involves revenue and spending deficits totaling 4% GDP. Falling off the cliff is predicted to turn 2013 projected GDP growth of 2.6% into a 0.5% decline in GDP.

     

    In short, we borrow 4% GDP to purchase 3.1% in actual GDP.

     

    Since when did climbing out of a hole become falling off a cliff?
    28 Nov 2012, 12:16 PM Reply Like
  • bill clintoon
    , contributor
    Comments (13) | Send Message
     
    Negotiating over pennies....and yet borrowing and printing...BILLIONS...... day!
    28 Nov 2012, 12:22 PM Reply Like
  • A Newell
    , contributor
    Comments (489) | Send Message
     
    I am looking at the sweating before the fall of the cliff as a buying opportunity. No politician can afford the wrath of the alternative. Cluck, Cluck, Cluck!
    28 Nov 2012, 12:34 PM Reply Like
  • aarc
    , contributor
    Comments (2528) | Send Message
     
    Markets almost collapsed today but was able to recover.

     

    This particular action raised several possibilities for the bulls by going deep down but preventing a collapse on the Intraday Charts. Specifically similar to what happened on the Weekly Chart in August to October 2011 when SnP500 went deep down but failed to collapse.

     

    Let's rehearse what happened in Aug to Oct 2011:

     

    - SnP500 late 2011: http://bit.ly/QMjfMi

     

    - SnP500 Weekly NOW: http://bit.ly/SerzkW

     

    That's one way a Simple 1-2-3-4-5 rally can morph into a potential Spiral Meltup or even a potential Complex Spiral Meltup Rally.

     

    -----------------
    What happened on the Intraday Charts TODAY is similar to what happened on the Weekly Chart of Aug to Sept 2011 - only that it is on the Minute Degree instead on the Intermediate Degree that happened on the Weekly Chart:

     

    - SnP500 30min Chart: http://bit.ly/QMjhnk

     

    The last time a Potential Complex Spiral Meltup on Intraday Chart formed was in early Sept 2010 (illustrated on ES 240min chart of Sept 8 or 9 Instablog if my memory serves me right) that resulted in a strong rally from the July 1, 2010 bottom to Feb 18, 2012 top. This one is much smaller in size and scope - so don't bet your nest eggs if a strong rally actually happens in the next several days to a few weeks time. There are still too many possible headline risks so using Trailing Stops on current long positions is mandatory if not necessary to prevent possible large trading losses if the above Scenario fails and a Spiral Meltdown happens instead.

     

    I'll be waiting for a possible formation of a Continuation Inverted Head and Shoulders at the top of the Intraday Range to perhaps add more SSO long positions.
    28 Nov 2012, 01:33 PM Reply Like
  • aarc
    , contributor
    Comments (2528) | Send Message
     
    typo error: The last time a Potential Complex Spiral Meltup on Intraday Chart formed was in early Sept 2010 (illustrated on ES 240min chart of Sept 8 or 9 Instablog if my memory serves me right) that resulted in a strong rally from the July 1, 2010 bottom to Feb 18, 2012 top === Feb 18, 2011 top.
    28 Nov 2012, 02:07 PM Reply Like
  • kyleg17
    , contributor
    Comments (174) | Send Message
     
    I don't think the rally has to anything to do with the charts. The market rallied 190 pts on the word optimistic. What do the charts say about that? The market with uncertainty = the casino. If charts make you comfortable that's fine, but in all reality, how many puck saves can our gov't make?
    28 Nov 2012, 02:04 PM Reply Like
  • Michael2343
    , contributor
    Comments (457) | Send Message
     
    Where do these "chart disbelievers" come from?
    The charts show you the prices. The prices dictate profit and loss. The transactions represent the willingness of the market participants to buy or sell at that level. That is all you need.
    28 Nov 2012, 03:15 PM Reply Like
  • untrusting investor
    , contributor
    Comments (9951) | Send Message
     
    More political BS from both sides. Neither party has any intention of getting anything signficant changed.
    28 Nov 2012, 02:54 PM Reply Like
  • Michael2343
    , contributor
    Comments (457) | Send Message
     
    There is no deal, what a joke. Wall street gaming the prices until its revealed there will be no deal and markets will put in several triple digit loss days back to back.
    28 Nov 2012, 03:12 PM Reply Like
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