well things went from not sooo good..much worse. gapping down thru the 20dma was not so good but then not getting even a hint of an opening gap reversal told us this was gonna be a day where Mother Market steals your commisions and touches you innapropriately all day.
headwinds are all over the place. with the dollar $uup climbing above the 50dma. We got Ireland/euro news, China stocks getting ape-raped, and muni bonds blowing up. Personally i think the easy out is to blame the dollar rise on all this but we had a perfect shit-carnival in the air. this gave us really our first real distribution day as volume on $spy was 1.64x avg volume.
As you can see EEM which usually leads us …has broken through its 50dma on heavy sell volume. We really need to see a turn in these guys as we are at an important level of support/neckline. there is a lot of airspace underneath possible to 42-41 area.
In the end with the munis, the asian markets, interest rates, qe2, unemployment, ireleand, all this headwin.. it might not matter.
AS we are heading into turkey season! even Helicopter Ben aka “he who has no name” can screw up the gobble gobble run. therefore i toss aside all charts and all conjecture and go with what is a proven fact the turkey run cant be stopped.
P.S. THINKORSWIM is the devil……there platform sucks and has glitches everyday. What they used to be known for when they started was the excellent community feel. The great online customer service. The exact opposite of Ameriturd. Well guess what they are worse than their mama ameriturd. At least when I call ameriturd when they free…they give me 50 free trades sometimes 200. Sinkorswim here said they dont do that.
they were awesome for a while. ..trendsetters. …. Much like myspace they are just the home of hookers and pimps now.
I will let a gay giraffe take liberties upon me in a drunken state before I ever use them again.
I will let @tradermarket247 take over this whole business and convert into a hongkong penny stock forum before I ever use it again.
I am going on twitter and investimonials all nighttoday and looking for people who say nice things about thinkorswim. Then im going to mock them..and laugh at them…and call them silly playground names for the next 24 hours.
on a brighter note i think we bounce by end of week…id like to see a flush of the 50dma cause a panic..then go in like A MAN.