DISQUS

moo · 1 month ago

To gauge the possible movement today I'm using the range since the news announcement this morning.
A 50% retracement of that range is about /ES 1061 and we are trading near that level now.
Taking a trade here is not a good idea. We may test the high at 1069 again or test the low at 1053.47.

What does this mean to me? Emphatically do nothing and continue to sit on hands.

I will be strongly bearish if we take out /ES 1050
I will be strongly bullish if we take out /ES 1071

If something did make me take a position, I would size it appropriately and consider the range extremes of the day.

Tazman · 1 month ago

Great advice Moo....just looking to dump my last TZA.....then I think I might visit the guys @ Boondocks Tavern....

greekgoodies · 1 month ago

I'll have to remember the name of that place......is it near the train station?

Tazman · 1 month ago

No...little hole close to house....75 cent draft....and pretzels....

greekgoodies · 1 month ago

Any women lurking there? Not that I'm interested.........just curious.

greekgoodies · 1 month ago

Thanks moo that's all I have to know....(?) Sitting on hands for now......been sitting tho.

Tazman · 1 month ago

I am sitting....and sipping GG.

greekgoodies · 1 month ago

Goldcorp? I may join you.

Erikd · 1 month ago

ROOF TOP PATTERN Update: http://screencast.com/t/rQuvw9L379

Tazman · 1 month ago

Erik...where you been? Always like the RTP....I love truss work....

Erikd · 1 month ago

SCISSOR TRUSS currently being built... 8>)

http://screencast.com/t/NXKvVkfMpb

tgarfield · 1 month ago

That roof seems to get higher over the last few months.

mSquare · 1 month ago

Nice chart. I had never ever heard of a 'Roof-top' pattern but this sure looks like one.

Is this your phrase to describe it or one commonly used by other TAs?

moo · 1 month ago

I'm still under the weather with this relapse folks and will be somewhat muted in the commentary today.

I will wait for the first 1/2 hour to see if this market will show its hand. Right now, pre market is not happy with the jobs number, but I can't help but think the FED's unchanged policy will trump any past tense gov't labor reports. But this must be weighted against a confluence of technical factors that Brinkley's charts above nicely illustrate.

Watch the the price movements of the riskiest assets today like a hawk and of course the USD$.
Watch any activity price/volume in out of the money options not supported by a news events on the indexes.
Trading within the range of /ES 1025 - 1100 is a big gamble here imo, and scalps will continue to be the game I play.

It's never easy.

Tazman · 1 month ago

They are defending 1055 range strong....I agree Moo....if we can't take out 1052....I will exit my short position.

But...if 1052 is broke...your 1045 might play.

Chuckles · 1 month ago

I'm glad TZA worked out for you.

Facesincabs · 1 month ago

hope you feel better after the weekend, Moo!

Chuckles · 1 month ago

hey moo,
Sorry this thing is still working you over, hopefully you'll be back to snuff come Monday.

Leisa · 1 month ago

Moo, I hope that you feel better soon. Lots of malaise in all sorts of manifestations going around. I'm just recovering from one.

chaunceyherbie · 1 month ago

moo, take care of yourself...hope the rest will get you back on the road to recovery....easy does it.

MarioChalmers · 1 month ago

GDX--

Is this at all valid? I'm a total newbie so take it with a grain of salt.

http://www.screencast.com/users/Jayhawk1991/fol...

Brinkley · 1 month ago

Went long SINA for a move into earnings next week. Nice overhead gap that looks like it may fill. Not a particularly large position, stop fairly tight.

zstock · 1 month ago

GOLD ( the stock) reports next Tuesday--that'll tank--I'd short now! $80 is the highest it can possibly get to--even if it beats st by 20%

Brinkley · 1 month ago

Many leading stocks are making new highs on the session. I still have MA from yesterday (and other positions listed earlier) and have been in BIDU today. Precious metals are holding up beautifully so far. We're coming up on the trendline again for another challenge. $SPX 1072 is the number to beat.

chaunceyherbie · 1 month ago

Brinkley, just a heads up. I am showing $1075.80, plus or minus 0.0015% (1074.19 - 1077.41) as a potential support/resistance level on the 30 min PnF. Of late, the potential support/resistance levels have been more telling to me than trend lines. fwiw. Good luck.
Note:
20SMA is at 1070.68
50SMA is at 1054.86
Camarilla short is 1071.95
Camarilla break out long is 1077.27
R1 is 1073.09
Pivot is 1060.19

SnPMonster · 1 month ago

The Transports are mostly rallying as well

Brinkley · 1 month ago

Hi there-- I saw your question earlier this morning but haven't had time to properly address. I'll try to reply later today or over the weekend. Yes, transports have hung in there and many are acting very well.

greekgoodies · 1 month ago

Can you see buying BNI for long term 9-12 months brinkley?

Rosabarba · 1 month ago

There is no long term for BNI. When the deal with Berkshire closes, BNI shares become cash and Berkshire B shares.

greekgoodies · 1 month ago

OK ...forgot......in that case when BRKB splits would it be a buy for
longer term rosa? I think so since it would be like a mutual fund
anyway.

Rosabarba · 1 month ago

It would, and I suppose there would be worse companies to own, though I have no opinion either way.

The biggest concern if you're in it long term would be the degree to which there is a Buffett Premium built into the share price that disappears when he does.

Tazman · 1 month ago

BINGO

greekgoodies · 1 month ago

Good point ........especially the last few words.

SnPMonster · 1 month ago

Hello...lol. Its ok, I am trying to understand what do you regard as the leaders....?

I mean if transports and tech leads...usually will be followed by which sector to rally...I also notice financials are lagging...

InthePink · 1 month ago

Morning guys,Posted these last night on the 'ol blog, but here are the probabilities for Friday’s ES pivots:
(with 25.45% volatility)

1088.00 = 8.26%
1073.50 = 47.49%
1068.50 = 72.00%
1059.00 = 74.87%
1054.00 = 49.74%
1044.50 = 17.22%
1030.00 = 1.52%
1049.00 = 29.87% (prior pp)

moo · 1 month ago

I'm now leaning bearish to neutral for the remainder of the day folks....neutral meaning "chop".

$ADVN-$DECN is weakening with $TICK now below zero, so internals are not supportive at this point.

miners are weakening as well from their great morning.

Overall a tough read, but right now given we touched Brinkleys /ES 1070 the market has activated the sellers, the question : is there any momentum behind the sell?

Maybe.

springheel_jack · 1 month ago

Looking at the charts last night, the big move up today has left both bullish and bearish readings for the tape open. On the bullish side, we have just made higher lows on Dow, SPX and Nasdaq (closing basis) and here is a cycle pivot chart from Joe8888 that I have redone and updated. It is not encouraging for bears if this cycle still holds, as we would appear to have just made a significant pivot low:

http://www.screencast.com/users/springheel_jack...

Another bullish chart is the Dow, which has bounced cleanly off the lower trendlines and is now rising back towards the upper trendlines:

http://www.screencast.com/users/springheel_jack...

On SPX we have broken back into the expanding wedge today, and the next serious resistance is at 1075 for the retest of the main rally trendline:

http://www.screencast.com/users/springheel_jack...

The picture on the Nasdaq is still bearish or mixed. All trendlines are broken and we are now retesting the broken expanding wedge lower trendline:

http://www.screencast.com/users/springheel_jack...

On the Vix an equity buy signal was triggered yesterday after the break outside the bollinger bands and then subsequent closes back within the bands. That has been a reliable signal of an upswing in equities during the rally. In the six months before that though, it seems to have been a reliable sell signal so the question then becomes whether the trend has now changed, which it may well have done. Ignoring the signal then, the picture on the vix still looks mixed as we have broken the main upper trendline since January and are now retesting it, though we may have closed just back inside it:

http://www.screencast.com/users/springheel_jack...

My take is still that we are likely to make a right shoulder on a head and shoulders pattern on SPX if we do not make a new high. My friend alphahorn has done a very good chart of how this would likely develop and with his permission I am reposting it here. Alphahorn has an excellent charts and EW blog at http://alphahorn.blogspot.com/ which is a very regular research stop for me:

http://www.screencast.com/users/springheel_jack...

There is another point to consider here with this pattern which is that it is not only the level of the shoulder that is important, but also the time taken to make it. If we do make the right shoulder on this pattern I would estimate that it would take another ten days or more. Fujisan suggested three weeks on the blog yesterday. She could well be right.

USD tested but did not break the expanding wedge trendline and bounced off. That move down does not look complete, which is why I think we may see more equities upside today:

http://www.screencast.com/users/springheel_jack...

In the event that we reach SPX 1075 - 1080 today I think we are very likely to bounce off it as it represents major resistance. Not least it is the level of the broken main rally trendline, and a very likely short retracement level after the ascent of the last few days. If we reach it, I will be short from SPX 1075 with a stop at 1085.

If we are making that H&S pattern though, we will most likely return to retest that level after a retracement.and may well repeatedly touch that trendline, which is rising at about two points per day, as the right shoulder is made.

If we do close back above the main SPX rally trendline, I would expect a double top or a new high to be made as Kemal_1 is forecasting. In many ways I would much prefer that as we could call the likely point of the next top to within a few SPX points with a very high degree of probability. I'll be posting more on that at the weekend.

Ashok · 1 month ago

SPX up 33 for the week @ 1069......above the 1057 monthly close of Sept and the 1036 close of Oct......staying bullish....still long AAPL and TNA.....have a wonderful weekend, folks...!

Brinkley · 1 month ago

I've sold 2/3 BIDU and MA now, both very nice moves.They both still look good, but I don't trust the final hour on a Friday, so won't get greedy. I also sold 2/3 GOLD and the rest of IAG for now-- they've had huge moves. RGLD still working great, but may sell 1/2 ahead of the close.

InthePink · 1 month ago

well howdy ho... long time no post or trade.... back for last 30 mins of the week

Chuckles · 1 month ago

I'll see you all later.
Thanks to all of those that shared their thoughts today. Don't forget to point up the ones you like...

Brinkley · 1 month ago

; ) Have a nice weekend, Chuck.

wex · 1 month ago

I was just wondering if the ticker tape parade going on at Wall ST. might be impacting the market by distracting the traders. In the past these things have really disrupted trading as kids came to the office and workers never came back from celebratory lunches.

Tazman · 1 month ago

Went PCS @ 5.82....hit LOD twice.....

EDIT.....Left @ 5.96....scalp

Tazman · 1 month ago

PCS...Read an excellent article with CEO last night.....I am back in the PCS camp.....might do a swing trade @ lower level....This guy has NEVER lost a fight....He will sell PCS....IMO

EVERY customer cost him 16.75 per month...Current RPU is 34.28....prices will be lower on basic service...

chaunceyherbie · 1 month ago

Taz, wow, that is one nasty looking long term chart on the monthly. imo

Tazman · 1 month ago

It's ugly.......but I have dated worse.....

chaunceyherbie · 1 month ago

wow, you must like fleas

Tazman · 1 month ago

LEAP was close to buy @ 14 a share....just saying.....but you have a good point CH...

chaunceyherbie · 1 month ago

Taz, you know more about what you're doing than I do. I was just making an observation about the ugliness of that chart. I don't want to influence you at all....should have kept my mouth shut...you seem to do well with your lottos....seems like a lot of them run for you. Best of luck.

Tazman · 1 month ago

CH....no issue...please chime in with ideas.....Lord knows I need them @ times.

greekgoodies · 1 month ago

That IS funny.........

TenYear · 1 month ago

Question is: where will PCS stock find support?

Tazman · 1 month ago

Your guess is a good as mine....have to watch volume....

TenYear · 1 month ago

If playing ultra shorts, I suggest SRS. It has been holding up very well lately.

Brinkley · 1 month ago

The trendline stalled the initial rally to a T-- have to see whether they try again. I took partial profits on some miners, but still have plenty, with stops in place.

Facesincabs · 1 month ago

Just a note for everyone here about unemployment (since I have professional experience in this area I thought that I would mention it) ... with the reported unemployment at 10.2%, the REAL unemployment is probably above 17% (in California it is approaching 19%) ... the difference in these numbers is in how people are counted by government agencies and lots of unemployed people are NOT counted in the 10.2% figure (e.g., like the self-employed who are no longer running their business, or people who are on disability and do not work)

This is all very sad to me ... because lots of folks are unemployed (and this does not include the under employed) ...

I am not bullish here but I remain neutral ... the MM's may push up the tape up or just hold its levels today ... I remain patient ...

Financials are pretty red in the pre-market and for that matter so is oil ... don't listen to all the CNBC bullish pumping being posted below ... it is nothing but a distraction from the reality of the charts ... good luck to everyone today ...

chaunceyherbie · 1 month ago

$spx
My highest odds going long today are at 1039. plus or minus 0.005%
1057 is still a good odds going long play today, plus or minus 0.0015%

$rut
My highest odds going long today is 560, plus or minus 0.005%
Still a good odds going long bet is 565.50, plus or minus 0.0015%

I will adjust position size according to the probabilities, if we sustain the pre-market selling.

Fwiw.

steveo77 · 1 month ago

Some charts you all may like, all shorts....maybe not today, but get on your radar.

http://oahutrading.blogspot.com/2009/11/boatloa...

SnPMonster · 1 month ago

Hi Di,

Thanks for the post.

I was reading an article on Sector Rotation.
http://www.sectortimingreport.com/sector-rotati...

If we are at or near the market top. Energy/ Staples should be nearing its peak.
I can see some Services names like MCD, WMT rallying...not sure if I should join in now...lol
I was wondering whether it is the correct timing to move into Utilities

Do you have any views on the above?

Leisa · 1 month ago

SnP...you might also be interested in George Dagnino's write up

http://peterdag.com/s_files/mLcn829S3eP2.pdf

I'm a sector follower too...Utilities are struggling a bit with lower demand and credit problems. I actually thought they were rolling over, but I'm having to re-evaluate!

SnPMonster · 1 month ago

Thank you Leisa. Really appreciate it

humble1 (tm) · 1 month ago

art cashin, much admired by the bears, works here:

http://www.cnbc.com/id/33709201

maybe CNBC should ask him how he likes working with a bunch of crooks.

wex · 1 month ago

What's that story got to do with Cashin? He's a floor broker on the NYSE those guys were European forex traders? Many brokerage firms have had rogue experiences due to inadequate controls but I don't see the connection for a swipe at Cashin.

ChickenLittle · 1 month ago

are you referring to UBS or CNBC?

hiker · 1 month ago

anyone here listen to AnneMarie2006(Twitter handle)?

... she conducted a webinar Thursday re: Fibonacci ... she has a focus on the mathematic side of things, so it may be good

it was recorded and I am wondering if it has worthwhile content?

thanks in advance.

glh · 1 month ago

Unemployment giveth at 8:30 yesterday and it taketh away at 8:30 today.

Teich50 · 1 month ago

Hi Moo. Will you be a dip buyer at /ES 1055 here or waiting for lower prices? Just wondering.

I covered my /ES short from yesterday.

ropey · 1 month ago

EUR is spiking hard hmmm providing a base yet again, which gap is going to fill..would be good if they could tag 1045 today, would be a nice entry to go long...

Chuckles · 1 month ago

Good moorning all.
Good trading and good luck to everyone today.

Brinkley · 1 month ago

Good morning, Folks-- I bought FAZ and TZA in the premarket to hedge against disappointing jobs data, which turned out to be a good decision. I've already sold 1/2 of those, and may re-enter if it appears that the bears will take the day. I listed my longs yesterday-- none are large positions, but they will be pink to red at the open. I will be mostly watching in the early going, and will check back in later. Good luck to all!

Tazman · 1 month ago

TRADE ALERT

Sold 1/2 TZA @ 13.43.....the rest...will ride today..

Tazman · 1 month ago

INSANE......10.2%....who cares.....

Added some TZA @ 12.62......

Rosabarba · 1 month ago

The stock market and the real economy are but loosely correlated, my furry brother. I spent a fortune gaining that insight this year.

Leisa · 1 month ago

As Marc Faber said.....economic reality and the market's perception of economic reality are on two different timetables!

Rosabarba · 1 month ago

PMs flying out of the gate ... gold at new highs.

I'm back in a full OIH position (JAN125 calls), and covered/closed almost all of my shorts in the first 10 minutes.

Insightful market read as ever, moo. Get well soon.

SnPMonster · 1 month ago

GDX, GLD up in just 20 minutes....insane

Brinkley · 1 month ago

Powerful moves in most of the miners this morning, and time to put RGLD back on the breakout watch. It's all-time high is at $49.81.

Rosabarba · 1 month ago

IAG beat it to the punch. :-)))

Brinkley · 1 month ago

Yes, IAG is beautiful, but RGLD's pattern is of much longer duration and I've been watching/waiting for it to resolve for some time. I think it has the potential to be very powerful. IAG has been unstoppable, and I may take a little off the table today-- we'll see.

Rosabarba · 1 month ago

I'm in RGLD wit ya, and I added April 55 calls this morning.

Brinkley · 1 month ago

Very bullish action, and the PMs are fantastic-- but heads up to the underside of the long-term rising trendline fast approaching. 1072ish is where it comes into play today. (Needless to say I closed what remained of my inverse ETF positions entered as a hedge this morning, but will see how we handle the trendline encounter. )

chaunceyherbie · 1 month ago

Short $spx at 1070.50 via SDS, small position for scalp

ratracing · 1 month ago

played FAZ & EDZ pre-market after the employment numbers. Switched to the long side looking for bargains. I missed pcx but picked up SD after disappointing earnings.

Facesincabs · 1 month ago

shorting OIH and USO (both)

Tazman · 1 month ago

My TZA from yesterday and the addition today working....will sellers step in?

TraderTamas · 1 month ago

Looks like the market will have another go at that TL

Doji Girl · 1 month ago

Covered my short in BXP for +1.52 (for now); Still holding puts in AZO and XRT. Long a couple o'miners and SLV. And SRS.

Will not take any new trades today as my trading time for the next week is limited at best. Out now for a few hours...hope to be back for the last hour fun 'n games.

Good trading to all!

InthePink · 1 month ago

well, this is a sow day right now, and I don't have any trades going on... I haven't done much since Tuesday, so I'll likely wait until the upcoming Tuesday before I trade heavily again... just too tough in class on MWF

denmo83 · 1 month ago

REALLY need LSU to win tomorrow. The only way the Hawkeyes can move up.

InthePink · 1 month ago

I know exactly what you mean... though for me the reason is b/c there is nothing more I'd like to see than Saban lose @ Tuscaloosa

wex · 1 month ago

sent you an email last night. If you can walk me through Gtalk I'll set it up.

InthePink · 1 month ago

Hey Wex,

I'm online right now if you want to chat via g-talk, just let me
know... otherwise I'll send you an email this weekend!

Tazman · 1 month ago

PCS....big buyer again @ 5.82....

greekgoodies · 1 month ago

Did a horseshoe hit u in the head Taz?

mSquare · 1 month ago

GLD - Spot Gold very briefly touched 1100 (GLD crossed above 108) and has been dropping with the /E7. Don't know what perverse argument there is for this to happen - we get bad unemployment data, even worse than 'expected' and us$ goes up!

Rosabarba · 1 month ago

A gold bull would be inclined to see an intraday double bottom on GLD.

Brinkley · 1 month ago

There is a respectable cup & handle pattern intraday on RGLD. A new hod would put the pattern into play. This is a short-term pattern, but could prove to be a launching pad for the stock if it challenges its all-time high. Overall market is still a little precariously perched right here.

greekgoodies · 1 month ago

****TRADE ALERT****

PCS @ 5.80

Tazman · 1 month ago

Starting to get a little volume.....

chaunceyherbie · 1 month ago

On the 30 min PnF $SPX 1057.28 to 1058 still looks like a good odds going long play to me if we get a pullback into the mid range of yesterdays action and the higher end of Wednesday's action. Doesn't seem impropable that we might get there given price frequency on the 30 min PnF and the employment news today (although it has bounced nicely from this morning) that would also be at the level of a 3 box selling reversal from this mornings high.

mSquare · 1 month ago

*Trade Alert*

GLD - Sold some Nov calls. GLD doing nicely considering FXE is going down.

But wanted to reduce position and take profits before the weekend. The premium in the calls sold was minimal and will be lesser after the weekend.

Tazman · 1 month ago

TRADE ALERT

OPTT @ 8.89....BIG LOTTO....

Tazman · 1 month ago

OPTT losing ground.....stop is 8.79

EDIT...out with a small loss....DAMN

Tazman · 1 month ago

I got to get out of this TZA....both lots are green....

Tazman · 1 month ago

What am I going to do with this YRCW?....a little red for now....

Still have the TZA 1/2 from yesterday and a position @ 12.62 from AM....I gotta get to the bar....

dumamay · 1 month ago

taz, get away from it.take it off your list unless you are shorting it.

Tazman · 1 month ago

I am out of it....also done with it....This is a BK company long term...

Brinkley · 1 month ago

RGLD on approach.

Rosabarba · 1 month ago

Flaps at 10 degrees ... wind 320 at 12 ... altimeter 30.02 ... runway clear ... pilot's decision.

Dutch · 1 month ago

At least eight people have been shot at a high-rise Orlando office building, according to media reports Friday. The suspect is reportedly still at large. It marks the second U.S. mass shooting in less than 24 hours following the rampage that killed 13 people at Fort Hood Army Base in Texas on Thursday

senrex · 1 month ago

Possible IH&S slowly taking shape on the IYR.

senrex · 1 month ago

Should have said H&S (IH&S on SRS). Getting goofy watching these charts on a day like this.

moo · 1 month ago

SBUX breakout

mSquare · 1 month ago

SBUX - I am long (from before earnings). Watching carefully. If it does not remain above the double-top then I will get rid of it.
http://finviz.com/publish/110609/SBUXc1dl1438.png

Rosabarba · 1 month ago

Royal Gold Flight 4981 now departing for nonstop (hopefully) service to El Dorado.

Doji Girl · 1 month ago

Geeez....just got back and see that everything is where I left it. Is everyone gone for the weekend? Everything coiled so tight it looks like it will explode...question is, which way?

Rosabarba · 1 month ago

RGLD ... sweet call, b.

Brinkley · 1 month ago

Thanks. Worked well, and about time!

Rosabarba · 1 month ago

Better late than too late. ;-)

Brinkley · 1 month ago

Absolutely. HGSI is trying to close green, and nice bull flag for next week, perhaps.

Rosabarba · 1 month ago

Wouldn't that be nice. Today's chart looks like a fractal of the previous two put together, and they both seem pretty basey.

SnPMonster · 1 month ago

Financials please make up your mind....

Tazman · 1 month ago

Back in OPTT @ 8.47.....

Tazman · 1 month ago

WASHINGTON, Nov 6 (Reuters) - Total U.S. consumer credit dropped by a bigger-than-expected $14.80 billion in September, Federal Reserve data showed on Friday, indicating households prefer to reduce debt and are still reluctant to spend.
September consumer credit outstanding fell at a 7.19 percent annual rate to $2.46 trillion. August's figures were revised to show a $9.86 billion drop, previously reported as a $12 billion fall.
Analysts polled by Reuters had forecast consumer credit dropping by $10.0 billion in September. Consumer credit has now declined for eight consecutive months, the longest downward streak since the series started in 1943, according to the Fed.

Turbo Tim · 1 month ago

Whats up with ELN

Tazman · 1 month ago

????....unless JNJ is going for more than 18% stake...interesting....

ratracing · 1 month ago

holding SD over the weekend - great recovery today. Also picking up front month 104 SPY options.

chaunceyherbie · 1 month ago

Now holding no positions. One scalp today for a fractional gain. Have a great weekend everyone.

MarioChalmers · 1 month ago

Seeing these H&S patterns everywhere.

SLV

http://www.screencast.com/users/Jayhawk1991/fol...

HUI

http://www.screencast.com/users/Jayhawk1991/fol...

Brinkley · 1 month ago

They are all over the place, but most/many are breaking out to the upside. They're not "classic" or ideal h/s patterns, in any case. GOLD is one of the leading stocks in the mining sector and had a similar setup-- it broke out into new highs today. NEM is another one that looked similar and had a bullish resolution. If I get a chance I'll try comment further on this and maybe annotate a chart to illustrate what I am seeing.

MarioChalmers · 1 month ago

You are more than likely correct, as usual.

TraderTamas · 1 month ago

OK well hopefully Monday is a nice trending day.

moo · 1 month ago

New Post!

aviat72 · 1 month ago

Wow. What action in AMZN. The stock moved up more than $10 by 10:00AM today from its Thursday's AM lows. Closed at a new all time high, and above the previous intra-day high.

I think we are entering the stage where the market will pick its winners and losers instead of lifting all the boats. This is increasingly looking like the summer of 2007.

The reaction of currencies today was interesting. The biggest drop was against the Yen. Today's job report has sealed any doubts about the Fed tightening any time soon. Traders who may have gone short the Yen predicting a reversal of the funding currency out of USD and back to Yen scrambled to cover. After the initial reaction it became clear that the USD carry trade is on in full force and most currencies recovered. It is very likely that King Dollar will continue its path down now that the pesky NFPs are out of the way.

However this is not necessarily positive for equities. Traditional risk asset correlations seem to be changing. Oil was down big today while equities rallied and Gold continues to go up. However, liquidity is not going to be drained from the system anytime soon and that should be positive for equities.

hiker · 1 month ago

a couple Nov 6th charts that update price and NYSE breadth data -

http://forums.technicalwatch.com/post?id=379301...

- hiker