sp'daily5
sp'60min
Summary
Clearly, the market is set to see follow through from last Friday's hyper-turn around.
Despite the micro cycles being extremely overbought, we'll likely be in the 1960/70s this morning... and the big 2000 threshold will be within range.
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Bearish capitulation
Yours truly is set to wave the white flag at the open, and drop 3 short-market positions. There is next to zero point in holding any longer, whilst the market looks like it wants to rally across earnings season.
As for taking another trade.. it would seem ludicrous to go long at these levels, but then, a re-short seems equally risky.. whilst the daily/weekly cycles are pushing back upward.
So... I'll likely 'clear the decks' at the open... and then sit it out for some time.
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Update from Oscar
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Doomer chat, Hunter with Weir
There is an awful lot of crazy talk in this discussion (much of which I don't agree with)... make of it.. what you will.
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Overnight Asia action
China remains CLOSED until Wed'
Japan, jumped higher at the open... settling +1.6% @ 18005. No doubt the BoJ are out there... meddling.
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Have a good Monday.
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8.29am... watching the Bernanke on clown finance TV.... I'm no fan of him, but you gotta admire his tolerance for those cheerleaders this morning.
Q. How much is he getting paid? The usual 250k per hour... or even more?
Hell, its almost as good as working at the fed where you can could (in theory) just print your own salary at the end of each month!
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Reading around... Zerohedge on Gartman
Naturally, ZH are going hysterical that Gartman has now turned bullish. Yet... ZH seem lost in the minor noise.. utterly unable to discern much of anything from anyone.
I'd dare say Gartman is still 'broadly bearish'.. but with a short term upward view.... as am I.
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Of course.. in the world of ZH, every day is the end of the world.
If you disagree with that sentiment.. .you're at the wrong blog.
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9.34am.. OUT. Exited remaining 3 short-market positions.
Lousy situation, but not holding on sustained action >sp'1950.