I took these pictures on Thursday night, and didn't have time to get to them, so the numbers are off a little, the SPY closed at $150.25 and the Q's EXACTLY on $67, but the idea is the same.
The RSI on the SPY is finally getting over bought, and the STOCH had a little hook on it. When you look all the way over to the left the RSI can stay over bought for quite a while at times, especially when you basically go straight up for 14 days in a row or so. We, GENERALLY, don't CRASH out of this situation, we, USUALLY, get a quick, sharp, little pull back, as shown in the two vertical red boxes, which takes us to like the 50 level on the RSI and then we go back higher. It's THEN that the GREEN boxes start showing up, that's on the RETEST, THAT'S, when the action MIGHT start, when we go back and double or triple top the run up. It's usually associated with a divergence in the RSI and STOCH as well, as well as with the MACD. WHEN, that happens, then, YEA, we might start wanting to sit up in our chairs and take notice.
Most of the talk is about the current Cup and Handle set up, but we had one earlier last year that is pointing to about $154, so that might be a target, then the current one points to about $157, WHICH, as we, ALL, know, the HIGH in October of 2007 was, TAAAAAA DAAAAAA, $157.52.
I wonder if any body is going to be watching that number, should we get there??????
One number we WON'T be watching is the stinking fricking slimy obnoxious piece of shit Q's!!!!!!!!!
GOD, WHAT A PIECE OF JUNK! Sigh, wad ever, that $67 close Friday is almost EXACTLY in the middle of the stinking range we've been in since the start of the year.........YAWN! I haven't been saying any thing about them, because, well, THERE AIN'T A STINKING THING TO SAY! Other than PUKE city.
This is called a BIFURCATED market, WHICH, the last time I looked, was, GENERALLY, NOT, considered GOOD!
BUTT, in this era of massive FED intervention, I, SUPPOSE, it IS, as it just means Da Q's will go to DA STINKING MOOOOOOOOOON, playing catch up!!!!!!!
Wad Ever, some one wake me when it happens.
The main men, the $NYAD and $NYSI, are acting just fine, continuing to rise with the markets, I just find it a little strange that the $NYMO is not going along for the party, diverging since the start of the year against the markets. Of course, the end doesn't come until we get a big spike in it, which we don't have, YET.
I swore I wasn't going to put this chart up, but I did the damn thing, so, sigh, wad ever. These are the massive blast off's we've had over the last three years after we've broken through a prior high, that's the red numbers, IE, the rise in 2010 was 14.7%, 2011 it was 6%, 2012 it was 4.7%, so far it's been 2.3%, see a pattern?? The main reason I did this chart was to get my typical rag in on bubble vision, some times called CNBC, that's the GREEN percentages, for every time I hear them talk about a "rally", the first words out of the mealy mouths is, "Since the "BOTTOM" on..........................(add your own date in there) the market is up.........blah blah blah"! The reason I bring it up is because I guess that "investors" don't count any more. "Investors", of course, NEVER sell, and the only GAINS they see, are when the markets go to NEW highs, those LOWS that CNBC talks about, are called "DRAW DOWNS", hahahahahaha! Ya Know, there was a time that I recall when all Bubble Vision talked about was "INVESTORS", before "investors" got wise and abandoned them, so now they only talk about "TRADER'S", because, of course, as we ALL know, every trader out there ALWAYS brought those EXACT LOWS!
I actually DID buy that Dragon Fly doji in November, hahahahaha, I said so on the blog, butt, aaaaaahhhhh, naturally, I, MAY, have sold out just a tad early, hahahahahahahahahahahahaha! Well, not in the case of the Q's at least.
MARC FABER FEARS 1987 REDUX MARKETS WILL PUNISH INTERVENTIONISTS