Friday, September 24, 2010

So, Harvest Moon Right After Equinox Did the Trick!

and the Harvest Moon was accompanied by two majestic planets - Jupiter and Uranus. (For more on those astrological portents, read my other blog from Wednesday.)

Congrats to longs, and congrats to anyone holding CENX without trailing stop. Those crooks aka market makers took away my shares when they so artificially slammed the stock yesterday at the open and take out my CENX at the lowest of the day.

Hats off to Takeit on Yahoo board who predicted the gap and run for Friday.

My own tell was alas, sadly, again, Q-man at Tickerville. He was negative on Thursday.

Now where do we stand?

Here's S&P500 daily. Do I see a reverse head and shoulders? Yes I've been seeing that. It looks like a breakout from that pattern to me. The target then is above April high. In between, I think there's a fair chance of the index to at least go as high as 50% retracement (1174, May high after the flash crash) from the neckline (1130) to April high (1219).

If it can retrace all the way and then more and hit the pattern target, then the bigger picture does indicate it could go above 1300. The last time the index was above 1300 was August 2008, right before the cascading crash.

Oh wait, didn't I say that before? Yes I did, but that was right before the flash crash... Oh well, scratch that. Maybe this post on fractal patterns is more like it... Like I say, this is an entertainment, not an advice, ever.

Who knows.. With the Federal Reserve intent on convincing the rest of us that the stock market IS the economy by pumping so much money via QELite (aka POMO) almost every other day...

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