Tuesday, January 3, 2012

Something Smells Funny Here...

As you just saw, 3C has had enough time to confirm a move out to the 5 min chart this a.m. on the RIMM chart, we didn't see that in the SPY, DIA, QQQ or IWM and now the 3 man pillar Industry groups are not confirming either, that's 6 indices and 18 timeframes and no confirmation of this move.
 XLE Energy 1 min had a brief moment of confirmation which it has lost now

 XLE, which looks the best, has no 2 min confirmation which should be easy by now, especially given the underlying geo-political risks.

 XLE 5 min, no confirmation.

 Financials look even worse leading negative in XLF on the 1 min.

 And the 2 min

 No confirmation in the 5 min, 3C should be making a much higher high for a confirmed move.

 XLK-Technology is leading negative

 The 2 min chart is worse

And the 5 min chart is even worse.

Something really is off in this market.

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