06
Jun
A short term Bull/long term Bear for sure
Written by Anna   

Hi Everyone,

I hope every had a good weekend. It was a bit sad for me as I keep seeing images of our wildfife/eco system continue to die and suffer. If you have a chance to watch Dateline that was aired on Friday night, it is a step by step outline of what has happened and will continue to happen if things are not taken under control! Our very survival depends on the action of BP and our government, and so far has been lnot what I expected. A grade I would give BP is a "F" for Failure to prevent the disaster and how they handled the event, and the administration a "C" because they are not taking it seriously enough and moving fast enough to clean up the mess. BP in my estimation will not exist when all is said and done, they will have to be sold off into pieces as if they are found negligent (as I know they are) there is NO cap on liability for BP and not only the clean up but the PSYCHE of the US public and law suits, will not enable these thieves and crooks to continue to exist and will be wiped out.

Now on the the Markets again there are two scenarios that could play out again and again I am positioned in a way that I will make money for my subs and myself.

The SPX still has a chance to rally this week, if you watch the video the H&S daily is still in play and we have a rectangle (or sideways/basing) that could rally up for form the right shoulder to head to about 1150, then failing and falling hard to new lows for the year. The second scenario could be we flush out retest the 1044 area then head up to finish the right should to 1150. The are a few EWTheorists that say we have formed the right shoulder and we could head down to new lows from here, but according to my count we should fluish out 1040 area, then work off some extremely oversold indicators.  The daily stochs on SPX shows we are pointing down and have some room to head lower.

The EUR/USD is due also for a bounce before heading lower. We could see 118.47 before bouncing or bounce the around 128 or so, then head for lower lows!

I am still long Gold as it's a hedge and a Head to safety play but make no mistake if this is P3 that is playing out now, then once the liquidation begins there will be almost no safe haven.. God Help us All.  Love and Peace Anna

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03
Jun
Muddy Waters (by Springheel Jack)
Written by Anna   

I've been playing round with the 15min chart on SPX and have found a rising channel that looks as though it might have some legs:

 

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The channel top and bottom both started on the final day of the move to the low, and apart from the move to the last high within it, it looks good and indicates that we should find resistance in the 1120 area.

I've left the IHS marked in as it is still technically valid, but I wouldn't trust a head and shoulders pattern that pulled back so hard past the neckline myself.

In the very short term it is worth noting that the RSI, MACD and stochs on this chart all look very overbought.

The market has been floundering without clear direction since the recent low. Looking at the copper chart, if it is as good an indicator as many think, this latest rise should not be trusted particularly:

 

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One problem for equities is that after hitting the lower trendline of the broadening descending wedge two weeks ago, EURUSD has failed to make any meaningful bounce. It just traded sideways from the bottom of the wedge to the top over nine weeks after the last time that it hit the lower trendline in February. It could yet do the same again:

 

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GBPUSD has been bouncing well since hitting the bottom of that broadening descending wedge at the same time, and is forming a broadening ascending wedge on the return to the top trendline of the larger wedge in the 1.50 area. I'm looking for a hit of the lower trendline in the 1.4525 area today or tomorrow for a good long entry:

 

Read more...

 

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After lots of paperwork and money I now have a NON-PROFIT organization called Annamall Savers Inc. I feed over 60 animals a day and have rescued many dogs/cats and continue to do so. Please find it in your heart to help us out. They really need your help.Thanks from the bottom of our heart!

- Anna and Critters email me for donation annamallgirl@gmail.com



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