11/21 - Market Analysis

SPX
- volume pretty good
- today's candle needs a continuation day of advance
- resistance above is a good target


SPY 30"
- loved where it closed
- right after the intraday resistance was broken, that was then the bulls stepped in and drove prices in a vertical incline


DJIA
- more bullish looking when looking at this chart
- maybe this rally can last...


XLF
- lots of room to get a nice pullback before strong resistance comes into play
- overall though, any rally will just be a failed bearmarket rally


USO
- this tells the true unfiltered story of the economy
- until we get a breakout of this channel, no reason to belive any rally


VIX
- 80 turned out to be good resistance...
- now it might just resume its hike higher


A/D
- numbers are definitely not as bullish as the index's suggest
- bearish divergence all around...these numbers reflect a 100pt up day...
not 500

Analysis: when i heard that geitner was the reason for the rally, i couldn't help but laugh...how stupid is it to think that geitner's appointment would do this...to me, its all technical...its options ex with a strongly oversold 30min chart that made for the rally...anyway..it hit the spot i was thinking would hold up if we had any sort of rally at all...going forward though, most signs point to friday as bullshit and we will trend lower. but, i will be looking at some key charts to see when is a time to go bullish...right now, i am liking the downside a lot...great risk/ reward to go lower than higher...

ETFs:
best - gdx, fxi, xme, eem, kol, xle
worst - dba, uup (rkh, xhb, xlb, xli, xlf)

- haha...financials on the bottom and gold at the top? definitely doesn't suggest strength in the market...great time to reload short tomorrow morning...no trend can last with these laggards...btw...fucking gold...how the hell did it go up so high so fast? no idea whats going on there...safety play? silver did the same...great place to go long going forward i guess...