Index chatter...

[cire2222]

i would expect volume to be light tomorrow with the long weekend here. I am suprised that there was still big moves today

[cire2222]

ECB interest rate annoucement will be the big news tomorrow. lets hope they don't raise rates, that will cut the dollar down and could cause oil to go higher. I do think thay forex traders have priced it in but it still won't be good for the dollar

[Carl Icahn]

Originally Posted by Carl Icahn

Nice upadats cirre!!...i expect major move in $VIX after wedn into 4th of july. Markets in general look very week by taking a look on the monthlys in $BKX the power on the monthlys is seting up some scary setup for the future of the US

[cire2222]

ECB hikes rates and dollar gains, the news was already baked in it seems. index futures up big, gold down big, oil flat

[MC]

Nothing is meaningful nor sustainable without pro volume.
Upon deeper analysis I'm concluding that there was a great amount of short covering as well as long liquidations near the HOD yesterday. This is no doubt to ensure positions won't get the pros caught with their pants down while away from the computer. The proof to me was where volume was and the fact that volume died all the way down showing no pro interest going into EOD.

Today will be blind leading blind, unless I see a perfect setup I won't be doing anything. If you want to be a pro you have to think and act like a pro. Might as well go on vacation along with the smart money ya know?

Good luck guys, and have a great long weekend!

[MC]

HRMMMM Could it be???? A longer period intraday chart with a test sans the 1 minute noise and micromanagement we all thrive on???

Yep...now back to my 5 minute noisy chart.

[cire2222]

early close today. Enjoy the long weekend

[MC]

I've added some more volume by price support lines and updated the chart.
To me this shows the volume and where the majority entered the market after the Y2K bear. Almost 2 years of consolidation setting up the bear to bull transition. No doubt about it...this is THE key price pocket. Volume = market sentiment and it's staring us in the face. Now the question is do the big money players have chips on the table still, if so they support that line...if not they let it tank through and get in MUCH below that pocket of support.

The above I posted on the web on Jan. 23rd.
The levels I posted back then are coming up. 10,700 remains the most important level I can see. If we stay above that, the point of control is upheld and long term investors will hold albeit with a load of steamy crap in their pants at this point. If we break below there with conviction (especially close below) I'd look for massive bloodshed to accompany the crap in the pants.
I'm looking at that volume pocket as a fault line, if we break that open it's going to be like an earthquake when we have plate shifting at the earths core.


Here's an updated chart. In bell curve terms this is a chance to revert and test the MEAN. This testing is something the market does all the time on different timeframes. It's how value is probed in a 2 way auction. Goes higher, no interest...revert to the mean and see if there's interest. If there's no interest there it goes lower till there is no interest and then back to the mean. From the mean any direction could be tested FWIW, including chopping around and coiling at that section of price. My signature sums up how I feel about market movements.

Good luck fellas

[cire2222]

Government backstop plan for Fannie and Freddie
US spells out Fannie-Freddie backstop plan - Yahoo! News

[cire2222]