19
Nov
Wave up this week
Written by Anna   

UPDATE DEC 10th 2012

Here is a chart of the SPX, what I see is more chop till we have more info @ hand, but this tape is either going to break out on the upside or fail this range and plummet below 1400. We'll have to watch, I do see some slight divergences
on the MACD histogram.
Read more...

Here is an updated view of the ES 60 minute.

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Hi everyone 

We are already here @ Thanksgiving week. Wow Read more... does time fly! The markets have actually been fun to trade for a while since movement has come back to the tape. In September we started to see some volatility and it makes for some fun trading. Slow markets are only good time option sellers that was time to decay the options they sold.

Now for this week.  We are coming off pretty much a standard Correction and I must say it was feeling pretty dreary. The fiscal cliff issue have been worrying the markets since the election was over. Some may say that it's because of Obama, but the charts were lined up for a correction and that's what we got. Now the fun begins, do we rally on light volume this week into Turkey Day. I say "yes" do to the daily chart on SPX and here is what I see. 

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Now that does not mean that we go straight up,  but I pretty much figure with only 3 and 1/2 days to trade we trend up and some of those fib lines where is were we are likely to go. I am routing for 1397.  So you know that I am long this week via the S&P futures. I got in 1355. So we'll see how far we can go. I do have a wide stop on for protection.

Oil has been in a range but on the lower end of that range and I still do not see oil spouting off to 100 anytime soon. 

Have a great week and I wish you all the best of Thanksgivings! 

OXOX Anna 

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04
Nov
An Exciting Week
Written by Anna   

Hi everyone

Well it's  finally here, the 2012 presidential election!! I for one, can't wait to see what the outcome will be. My gut tells me it will be Obama. I won't tell you my preference as I find this an intensely personal issue and I choose to keep that to myself. I will say that I do not trust any politicians and most that are high ranking are corrupt in one way or another and I think non of them has "our" best interests at heart. 

Now on to the markets, We got that wave up I was looking for I said 1425 to 1430 and then back down and it happened in one day and a half. Thursday they ran over the shorts with a short squeeze (shaking out weak bears) and Friday we had a mediocre rise up then down most of the rest of the day to have a nasty wave down.

So where now? I think we chop around for the next few days including tonight, Monday and Tuesday. All waiting for the election results. Now one of these candidates will not favor the stock market. Will it be Obama or Romney.  If Obama wins, we lose George Bush Tax cuts on capital gains. But remember then we keep Ben Bernanke the QE man of the decade. So will the markets will relieved that "easy money" will keep on coming, or Will Romney cause a sell off due to the "easy money" being cut off from the markets? Then again he will extend the "Bush Tax Cuts'. My gut tells me that if Romney wins (which my gut says no) we would actually have the sell off due to the end of "easy fed policy".

Along all this we are still in a larger Wave 3 that will take us back to at least the 1393 level for a retest, so hang on for more volatility and enjoy the show. We will know shortly who the new "Cheater in Chief" will be.  I do not take consolation in either one frankly.

love to all xoxo Anna 

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