SPX (S & P 500)/Market Rollover Action Is Occurring
SPX (S & P 500)/market rollover action is occurring, versus the 12-17-08 cycle high at 918.85, see SPX at http://stockcharts.com/charts/gallery.html?%24spx.
Read this article at http://www.nytimes.com/2009/01/03/business/worldbusiness/03yuan.html, which reinforces what one should already know, that you don't want to be long this market right now.
The only exception I know of is GDX (Gold Miners ETF)/NEM and SOME other gold/silver stocks (NOT the metals, which lag), that have CLEARLY broken out and hit 5% follow through major buy signals.
However, they (GDX (Gold Miners ETF)/NEM and SOME other gold/silver stocks) should experience, along with nearly all sectors, a relatively savage short term correction/Elliott Wave ABC down up down downcycle (might end up also being an inverse Elliott Wave 12345 down up down up down pattern) during the next few weeks. Buckle up!
Nothing discussed on this Blog is a recommendation, or, should be construed as investment advice.
I made nearly 13 cents/share = nearly $130 per 1000 shares traded in a 3 minute 29 second TWM (UltraShort RUT (Russell 2000)) trade today. Can you believe I ultra shorted today? Obviously, I've been keeping my trading timeframe extremely short in recent months, and, it's served me well.
.......http://www.JoeFRocks.com/
NEM XAU HUI
Read this article at http://www.nytimes.com/2009/01/03/business/worldbusiness/03yuan.html, which reinforces what one should already know, that you don't want to be long this market right now.
The only exception I know of is GDX (Gold Miners ETF)/NEM and SOME other gold/silver stocks (NOT the metals, which lag), that have CLEARLY broken out and hit 5% follow through major buy signals.
However, they (GDX (Gold Miners ETF)/NEM and SOME other gold/silver stocks) should experience, along with nearly all sectors, a relatively savage short term correction/Elliott Wave ABC down up down downcycle (might end up also being an inverse Elliott Wave 12345 down up down up down pattern) during the next few weeks. Buckle up!
Nothing discussed on this Blog is a recommendation, or, should be construed as investment advice.
I made nearly 13 cents/share = nearly $130 per 1000 shares traded in a 3 minute 29 second TWM (UltraShort RUT (Russell 2000)) trade today. Can you believe I ultra shorted today? Obviously, I've been keeping my trading timeframe extremely short in recent months, and, it's served me well.
.......http://www.JoeFRocks.com/
NEM XAU HUI
posted by Joe Ferrazzano at
10:33 AM
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