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

To: penthouse mike who wrote (43394)	1/8/2013 1:54:14 PM
From: GROUND ZERO™	Respond to of 220619

Yes, but I can reverse quickly enough... we'll see what happens into the closing phase... GZ

To: penthouse mike who wrote (43394)	1/8/2013 1:57:27 PM
From: GROUND ZERO™	Respond to of 220619

Also, this sell signal is going lower into a huge break away gap, I don't think this gap will be filled, it's too big, so I think we could just have a down day unless we begin hitting new lows later this afternoon... and if we don't make now lows, then this market could snap right back up like a rubber band... I'm going for the rubber band scenario for now until it's proven wrong... GZ

To: penthouse mike who wrote (43394)	1/8/2013 2:07:16 PM
From: GROUND ZERO™	Read Replies (1) \| Respond to of 220619

Another good technical reason for going long here is that the SPY, which is a very widely traded ETF with more than 897.63 million share outstanding as of today, broke down below the break out line and then quickly moved back up above it again... this told me that this market isn't ready to go down quite yet... that line stands at 145.20 today, the low was 144.98 and then it quickly snapped right back above it again... right now it's trading at 145.47 and looking rather buoyant... it could fail later this afternoon, but not as of now... GZ