the real correction or just a fake?

bump..
so far so good. will it play out like i wanted or will it not? with increased volume after labor day we should see 900's no problem
 
Kurrency: Your blog has the chart of SPDR, so expect a rally upto previous highs and even a bit further on today's low volume on futures and european cash incides. However, tomorrow's opening price action would really determine the next direction. I would certainly be comfortable shorting if tomorrow's gap is higher than .20% of today's close.

Cheers
 
Yes the SPDR is closed today so that was something uncalled for in terms of the chart but you agree that those trend lines so far are being followed right?

I am banking on the down move first via some puts on the SPY 96 then if we do break the 990's perhaps SDS and such ETF's
 
I agree with the trend lines, especially the March up-trendline, which is still in tact. SPY just made a higher low on Friday (bullish) and is now around possible resistance at the August range highs. This week should be telling as volume should come back into the market (summer months are nearing an end and the holiday weekend is over) and help resolve this to the up or downside. We're still 'overbought' in the intermediate term so a test of the June highs would not be a big surprise. Anything can happen though..
 
the forex market acted strange as compared to the market today though. or am I mistaken?
Something's gotta give.

I am thinking we go down starting tomorrow. Just realize I don't like making predictions I just like following basic trend lines after going deep into dozens of indicators simple works.

let's check back by friday and see if those trendlines hold
 
also call me on this one but I am seeing sorta a head and shoulders on the SPX daily. the head isnt that much higher than the shoulders so maybe the pattern is shrugging in confusion :p
 
Kurrency: what strats do you use for FX and on what pairs? What do you suggest for European or US session box breakout strategies and how to determine a fakeout from a breakout. Appreciate your help and apologies if a bit offtopic
 
london_lad I don't like claiming that I am the FX or the stockmarket guru. but I use this method
If EUR/USD NZD/USD and AUD/USD are trending up then general market is up..
this is confirmed if USD/JPY, USD/CAD and USD/CHF are trending down.

line them up and basically I use same thing going the other way (when market trends down). and I use daily charts on these so bear with me it's just a general trend am following. as far as scalping forex I went in once with $1k and got out with 0 :p. I am hoping this site will be of help when I relaunch my forex stride. Currensee | Trade Together

as for now I am doing better in stocks as things go up 100%+ instead of mostly sideways action :)

hope it helps and let's also hope this mini head and shoulders move drops us to at least 950 on the spx wishful thinking indeed
 
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