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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives -- Ignore unavailable to you. Want to Upgrade?

To: GROUND ZERO™ who wrote (21630)	7/14/2011 5:07:19 PM
From: KingHigh	Read Replies (1) \| Respond to of 220702

If I had to guess, I am thinking the correction is close to done. If they really want to lighten the load, they might go down and touch your sell signal (still close to 1294 I presume?) but then not confirm, which will get the bears all excited and then squeeze 'em with a big "news" event. It could be even easier to shake it up if by chance your signal moved up a little for Friday. FWIW, I am watching 1297 tonight to flatten up and/or short with tight reversal stops just in case, plus buy stops above 1318 to add long in case they run it up from here without the bear trap. We saw how quickly the market reacted today to the debt ceiling "rumor".... all they need is a little alibi and we could easily see 1400 quickly. bwtfdik? Benny squashed the QE3 idea today but not to worry, it will come later, maybe next month or September. So now the market wants a debt ceiling deal, and we have plenty of news data tomorrow if they want more alibi for up or down. The market seems pretty jumpy this week, waiting for news to make or break. Not that the news matters; they just need an excuse to get traders all emotional. 8:30am Core CPI m/m 8:30am CPI m/m 8:30am Empire State Manufacturing Index 9:15am Capacity Utilization Rate 9:15am Industrial Production m/m 9:55am Prelim UoM Consumer Sentiment 9:55am Prelim UoM Inflation Expectations