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Friday, January 28, 2011

Friday's Meltdown, After the Close!!!!

Today was an exact opposite of yesterday's boring market, this turned into a very action packed day. I could easily spend the next three hours uploading and commenting on different charts today because of all the important developments that happened during the trading day. But since it is Friday, I will post the most important chart now, and add more charts later this evening and through-out the week-end!!!
I have been posting this chart for the last week, because it was really warning that something was not right with the markets, the Transports were not making those new highs as the Dow was, and under the Dow Theory, this meant "Non-Confirmation" and is bearish. Today the Transports broke down and did make a new low and could now be in a 3rd wave down. Monday is going to be extremely important for the markets, as any follow-thru could be huge to the downside.
Breadth for the day closed at 5.10:1, decliners. At these high levels this is very bearish, and a little icing on the cake is that Down Volume accounted for 87.24% of the total Volume. A 90% down day is extremely bearish, so the bullish do have a little wiggle room here, but not much. Technicals were VERY damaging to the uptrend today!!!

3 comments:

  1. seriously
    how many times have you called the top already?
    you're so biased bearsish that you do not see an obvious bull market
    plenty of big names have already broken out big time..
    a 1.6% downday after a 25 30% upmove and it's armagedon again..
    you bears crack me up...

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  2. Blaise, I could say they same as you, I watch the charts, and have been bearish for most of January, but if you really followed me, you would know that I was also bullish for a majority of the last 5 months. If you looked at the Trendfinder, you can easily see which way I lean. Long-term, I am bearish for multiple reasons, the only thing that has held this market up is QE2. But again, you are a poster that will disappear once the market turns south.

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  3. blaise, if you believe that we are so bullish, then why is the SPX up only 18.72 points now for the month of January?
    1257.62 was the open on 1/3/11, yesterday's close was 1276.34. that equates to only 1.46% for the month, if we sell-off Monday, ALL gains for January will be wiped clean, Oh wait, you say we have broken out to the upside, what a joke!!!

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