Buy and Sell Signals, and Other Market Perspectives Message Board

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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives

SPY 683.04

-0.1%

Dec 9 4:00 PM EST

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To: Hawk who wrote (11129)	10/11/2010 8:27:46 AM
From: Chip McVickar	Read Replies (1) of 219813

The unemployment report was lousy Friday morning showing 95,000 workers lost out in September. Their was a sell-off after the report but these sellers were left hanging and covered. Me thinks the sentiment on the street is the Fed will boost monetary stimulus to prevent an economic tailspin; so commodities benefit and the street buys dips. So the upside appears for the street the path of least resistance. Then also we have the NOV elections and the political pressure to hold the market up. Oscilators like RSI and CCI and MACD and Stochastic are reaching or have established over-bought areas on a 60 min and daily charts. So there's no doubt the charts have been bullish... while the street picks off the shorts then picks off the longs... to do it all over again, resolving to the up-side in this drawn out coil... with the tightest part resolving higher in the last 2 weeks.... While 1173-75 is the top of the larger coil. Looking at Pitchforks The dominant daily pitchforks median line (upward looking) has reached a cross-over with a weekly upper tine of a down-ward looking pitchfork for this week... at 1165. This increases the potential that traders will have to be nibble and quick to retain profits and positions... with any resolution of this cross-over. I'm watching cash charts 1150.45 (a traditional chart resistance/support off high of Jan 2010) for any beginning of a pull back and a break through 1131-1129 as a confirmation of the correction some of us have been expecting. If Nov elections is the target for the street then 1175 will go shortly.

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