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Tuesday, May 19, 2009

Financials Chart


As in comparison to the market. Financials were on the weak side today after peaking out early.

As the rest of the market, they will have to hold key supports if my overall count interpretation is correct. They will need to rally if the market has one more push into the upper gap area.

This really is starting to feel like a B wave. I hope the market goes up this week in a last spasm of bullishness. I will short it heavily if it looks like a valid ABC structure from 878 to peak. I already nibbled at QID again at $36.20 (I'll hold -never can say your count is 100% correct) So far, so good.

14 comments:

  1. Now Bofa comes with 825 million shares with 10$ each. How is maket gonna take this news?

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  2. The market will go up tomorrow

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  3. I think the market will go higher tomrrow as well...

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  4. i think we are going to back-test the broken trendline, then crash into P3.....

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  5. I hope u still have $$ left by the time P3 come

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  6. long term investorMay 19, 2009 at 7:15 PM

    Shorts are getting kill tomorrow... haha

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  7. Elliott Wave Forkology "Where We are" May 19th update
    Looking at our current EWF count on SPX daily, we notice minimum objective has been completed as we have reached median line of (Oct07, Mar08, May08) fork in early May. Maximum objective for this Wave 4 is upper fork channel line, plus sometimes Wave 4s can poke out a bit. As of today upper fork line is at about 993 and dropping. Notice previous Wave 4 topped in January 2009 and did not go for Max Objective.

    Tomorrow May 20th should be an interesting day as many different cycles indicate some sort of a turn possible. Also our expert Nymologyst confirms a Big Move is possible in 1-2 days.
    http://forkoholic.spaces.live.com

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  8. Longs are getting kill tomorrow...haha

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  9. The fuel for Monday's rally was supposedly data that showed housing was stabilizing. But today's data, which was the worst in 50 years did nothing. In addition, GS engineered the rally of bank shares on Monday with the BAC upgrade should be undone by tomorrow since BAC used the opportunity to sell shares. So I don't know what could possibly fuel this leg up to 930, other than this being a snapback from 878, there has to be some catalyst to get people excited to get back in.

    If anything, there might be an attempt to get back to 920 but I don't think it will go any higher than that. I think we'll see 870 before we see 930. That C wave will probably bring it down to 840-850.

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  10. Dan, any chance that B-wave is done here, and we are starting the C-wave?

    I dont think banks are going higher, because of the massive dilution volume of May 6 and 8 is putting a huge resistance on any further movement here (see JPM, WFC, BAC, COF, FITB...etc...)

    Seems like the low volume rally of monday-tuesday, up to just under the massive dilution levels of May 6-8, was the last gasp of the failing rally.

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  11. If this is not a sucker rally, I don't know what is..

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  12. caldaro and philipe want some of what you and kenney are smoking/drinking while you interpret the waves.all of youse guys went to different schools together.ps, eat some sht spanky, u little monkey spanker.

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  13. This rally will bring the S&P back to 1000

    Just be patience

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