Thursday, October 7, 2010
ADBE Second Glance...
This one looks to have been setup for a few days, this is a 30 min 3C chart and I backed it up to 1 bar (30 minutes) before the breakout.
Before the lift off, this was already in a huge positive leading divergence. Prices are close to their lows and 3C is near a new high. This has been planned for several days.
2 comments:
Well, we finished flat, so another day when we don't go down in any meaningful way.
And with a good bit of goosing going on after hours, then DOW is above yesterdays closing price and heading towards 11k again. AND the SPY is above $160.
Still convinced the market 'turned' on the 23rd of September Brandt? 'cause it sure doesn't look like it wants to go down.
Well, out of the last 13 trading days, the SPY has closed down 9 of those, and 4 days have been closing up days:
http://stockcharts.com/h-sc/ui?s=spy
and yet the market has put in a good 20 point rise on the SPY. The DOW even went over 11k.
If it can 'melt-up' in the face of that selling pressure, then why should it go down anytime soon?
So, i take it those severe negative 1min 3C charts that were posts 2 days ago are now null and void as they haven't occurred in the prescribed same day/24 hours?
http://wolfonwallstreet.blogspot.com/2010/10/update_3075.html
How about last nights EOD post of negative divergences?
http://wolfonwallstreet.blogspot.com/2010/10/eod-post.html
We've had all the negative divergences under the sun for well over a month now and these have lead to what real world action? Well, that would be market higher and higher.
Is it do or die tomorrow Brandt or are we going to have to put ourselves through another trading week of this charade?
Thoughts?
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