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Monday, October 11, 2010

Monday, After the Close updates!!!

After the close, The SPX was locked in a tight trading range today, on very low volume. It seems traders did not know which way to go with-out the guidance of the Bond markets today. Near the close it did spike down and break a short-term trendline of support, but it needs a lot more then that to get the trend over to bearish. The counts and squiggles since the 20th of September have been a disaster to count, filled with a continuance of over-lapping corrective waves that can be counted sooo many different ways that providing a reliable count is fruitless. The SPX is up against trendline resistance with no room to run to the upside with-out some technicals going bullish. It is do, or die time for the bears, if that resistance gives, a test of the highs is on the table, the bears do have the majority of internals in their favor right now, but the market can run even in these over-bought conditions.
Breadth for the day ended at a whooping 1.24:1, advancers on really low volume, 824B, on the NYSE. We are now in OPEX week, and this is when things can get wild and crazy for the month.
In the post below are a couple interesting charts posted earlier this morning.

Some Interesting Tidbits!!!



Just in case you missed the 60 minutes special on HFT's that aired last night here is a replay!!!
Crazy that in the last four years that HFT computers have gone from 30% of total volume, to an incredible 70+% of the volume, and with the FED manipulating the bond markets lately, which does effect the equities market, how can Elliott wave, or Technical Analysis have a chance under these circumstances.
Nathan over at "Nathan's Economic Edge", has a nice piece on this video.
-The headlines last week was that the markets have a no lose position, only win-win. All news seems to be "good", even if there is "bad" news, that just means QE2 gets instated, which in turn becomes "good" news. If you were to walk into a brokers office and they started with that line, "investing now is a win-win situation", would you RUN for the door???
-And with that, I wish a "Happy 3rd Birthday" to the S&P 500!!!

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