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Friday, March 5, 2010

E-minis [Update 3:12 PM]

[Update 3:12PM: Well the structure looks nice and it hit 666. NASDAQ new yearly highs, non-confirmed by the DJIA and SPX. Also the qqqq's failed to make a new high. FTSE hit new highs non-confirmed by the DAX and CAC.]

[Update 2:55PM: Its shaping up to be a close on the high kind of day, but there is still an hour left. Update RUT squiggle. Yes 666 can be achieved.]

[Update 2:34PM: Does anyone have the gut feeling something awful is going to be announced after the market closed?  Think they close 25 banks this weekend? - There has to be a backlog.....]

[Update 1:40PM: The RUT has achieved an ABC parallel channel.]
[Update 12:10PM:  BIDU is stalling near its recent highs in the middle of my magneto zone.  Its close to issuing a potential sell signal in a break of the RSI and ultimate oscillator trendlines.]

[Update 11:58PM: Potential count on the RUT. Lunchtime, prices may be wandering sideways for a wave iv.  I like all the bold bullishness being displayed in comments.  I always had a feeling that would be the case near a major turn point and that there would be a point in time that this would come. A few more up days and I suspect the hardiest bears will turn.]

[Update 11:48 PM: Nothing to love about this VIX chart except its getting a bit oversold. That and it is sitting under a trend line nicely which if it can pop over, then all hell might break loose for a bit.  Also the big gap down today finally closed that open gap up from January.  If the VIX can manage to pull off a "hammer" candle, that too would be encouraging. Weekly still shows positive divergence.]

[Update 11:30 AM: Finally getting some clarity on Apple. I have the wave (4) as a triangle because the C wave looks like a typical complex C wave inside a triangle. Also that means there may only exist a "thrust" move for the final wave to new high which it has made a new high today already.  We'll see I guess.]
Update 10:47 AM: I always respect what Hulbert has to say. And right now he is saying his newsletters are as bullish as last seen in early 2007 (except the January 2010 high)

Update 10:40 AM: The Dow minis I showed below on the inverse H&S has hit target.

The DJIA minis shows an inverted H&S target somewhere just north of 10500. I'm off work today, so I'll probably post a few charts.

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