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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)
http://www.marketwatch.com/story/advisory-bullishness-reaching-too-high-levels-2010-03-05

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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