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Post by commodityypro on Apr 13, 2012 14:12:24 GMT -5
currently@ 1377. Bulls need push back to 1380 here.
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Post by natsalilfly on Apr 13, 2012 14:16:03 GMT -5
Yeah, I'm actually surprised it hasn't sold off into oblivion by now. You have to have a lot of confidence to buy here and hold for the weekend. It's Earnings V Europe, I guess.
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Post by rex on Apr 13, 2012 14:24:02 GMT -5
Every little, slow melt up is getting violently sold off. Right when you think it's building...boom sell off.
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Post by natsalilfly on Apr 13, 2012 14:26:21 GMT -5
But it doesn't really sell OFF, just off the top... It's been hanging around here for awhile without revisiting LOD. Wery, Wery, Dangerous...
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Post by commodityypro on Apr 13, 2012 14:29:47 GMT -5
Very true. Earnings Vs. Euro debt/China slowed growth is more like it I think. China has to slow down though. 8-10% growth can't continue forever. They are maturing as an economy. THe spigots of austerity have been open for awhile there and they continue to flood money into credit worthy borrowers hands yet they can't keep the GDP from falling. Just think when the spigot gets turned down. They will fall to 6% and then how will global markets react to that. That is what is coming though in the next few years and investors need to be prepared for it.
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Post by commodityypro on Apr 13, 2012 14:57:15 GMT -5
Ok, so here is the chart. That attempt to break out was denied. Descending daily trend line held and S&P is backing off it now, down to 1371.
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Post by dino on Apr 13, 2012 14:59:16 GMT -5
looks like it's making a possible head of a h&s?
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Post by commodityypro on Apr 13, 2012 14:59:56 GMT -5
Next week could be ugly
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Post by theMIST on Apr 13, 2012 15:02:53 GMT -5
Bear flag playing out on S&P and H&S formed. Looking at hourly.
Indicators bearish
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Post by commodityypro on Apr 13, 2012 15:05:21 GMT -5
Bear flag playing out on S&P and H&S formed. Looking at hourly. Indicators bearish Could take us back down to the 1350's then next week. That would also put it back in that descending channel we were thru Wednesday.
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Post by dino on Apr 13, 2012 15:07:22 GMT -5
i got a cookie to give out commod. i'll give it to you if you give us a
k _ _
r _ _ _ _ _ _ _
for old times sake on our last day!
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Post by jack on Apr 13, 2012 16:12:24 GMT -5
FUGLY!!!! [/size]Yeah baby!!!
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Post by commodityypro on Apr 13, 2012 16:15:36 GMT -5
i got a cookie to give out commod. i'll give it to you if you give us a k _ _ r _ _ _ _ _ _ _ for old times sake on our last day! LOL.. doesn't qualify as we opened down. If we would have opened higher and then dumped then it would of qualified.
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Post by commodityypro on Apr 13, 2012 16:16:23 GMT -5
is this really the last day of FAStopia as we know it?
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Post by jack on Apr 13, 2012 16:21:11 GMT -5
is this really the last day of FAStopia as we know it? The last operating trading day I believe...RIP on 4/15, but fingers pointing to Rant afterward and whatever Cos leaves up for ref. That's my understanding at least.
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Post by huh? on Apr 13, 2012 16:27:18 GMT -5
looks like it's making a possible head of a h&s? Looks like a smaller H&S forming as a RS of a much larger H&S (30 min. chart - head is the 3 peak tops: 03/19, 03/27, 04/02). Downside target about 1295 if 1360 breaks on Monday.
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Post by commodityypro on Apr 13, 2012 17:59:46 GMT -5
looks like it's making a possible head of a h&s? Looks like a smaller H&S forming as a RS of a much larger H&S (30 min. chart - head is the 3 peak tops: 03/19, 03/27, 04/02). Downside target about 1295 if 1360 breaks on Monday. Can a H&S have multiple heads though? I see what your looking at though. Looks interesting.
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Post by tendermyshares on Apr 13, 2012 18:01:12 GMT -5
Man, I've heard of "forming a right shoulder", which is always sketchy, but now we're going to go, "forming a head"? Isn't that, no I can't say it. Getting a little ahead of ourselves. looks like it's making a possible head of a h&s?
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Post by tendermyshares on Apr 13, 2012 18:01:37 GMT -5
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Post by tendermyshares on Apr 13, 2012 18:02:44 GMT -5
I know what that says! Where's my cookie. i got a cookie to give out commod. i'll give it to you if you give us a k _ _ r _ _ _ _ _ _ _ for old times sake on our last day!
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Post by dino on Apr 13, 2012 18:10:58 GMT -5
I know what that says! Where's my cookie. i got a cookie to give out commod. i'll give it to you if you give us a k _ _ r _ _ _ _ _ _ _ for old times sake on our last day! damnit tender!!!!! i just gave one to maxi. i will get you a cookie later tonight...
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Post by huh? on Apr 13, 2012 18:17:34 GMT -5
Looks like a smaller H&S forming as a RS of a much larger H&S (30 min. chart - head is the 3 peak tops: 03/19, 03/27, 04/02). Downside target about 1295 if 1360 breaks on Monday. Can a H&S have multiple heads though? I see what your looking at though. Looks interesting. Many times in a H&S pattern, any one of, or all of, the LS, Head & RS can be smaller H&S themselves. And it happens often from what I've seen. Those multiple heads are actually just another H&S pattern - draw a neckline and then move it up to run it across the LS (or 1st peak). The RS tapped right into it, exactly. For me at least, that's one test for a H&S pattern. (not required - just a good spot to short if you think it's coming) It just so happens that the head was limited to that parallel line as well, which IMO shows even more sign of weakness. (actually the head did barely break above it, but only briefly) That higher RS could be seen as a double top also...but basically the same results. I believe double tops, triple tops and H&S patterns are pretty much all the same anyway, just forming differently perhaps to news, sudden fundamental changes, calendar influences, etc. Have you ever noticed that in double tops, the 2nd top seems to often be higher than the first? I think it's just all about final short squeezing with these patterns before the bottom falls out. Last chance to get some buyers (or sellers on the bullish equivalents).
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Post by huh? on Apr 13, 2012 19:06:23 GMT -5
I should add this as well... that small H&S that Mist pointed out, and the same one that I referred to as a possible RS of the large H&S, could actually end up itself being the LS of a medium sized H&S, all of which turns out to be a large RS of the large H&S.
(deep breath) And if you can follow that, you are a gifted chart technician already. If you understand why it works that way, you are near, or at, TA enlightenment.
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