Stock Market Today : May 14th - 18th - Page 28

Getting close to your target, 07media.

Although very oversold on 60 min. and daily charts, far from oversold on weekly and monthly.

Thus, no meaningful pop until short term bottom is put in.

Man Gold is really strong here, miners taking off. 

Wow me too !  I have my bid set at $460 and will buy in 3 lots on the way down .

Nice gold hockey stick.

Just had a 61 tick down candle on YM.

 

Man that 60min is as deep of a pinch as you can get right now.  

Well many of us have been waiting for a flush... if that was the extent of it, that was really weak for a flush.

 

Hit 1315, got a nice bounce there.

Market finding nice support here on the daily 150ema.

If you draw a trendline from SPY all time high of 157.52, through the Bin Laden high of 137.18, we bounced about 30 cents above that trendline. That would be quite a backtest.

That 12 million volume sell climax on the SPY 5min was one huge flush on main support.

Everything is still very controlled, no washout.

Short term low may have been hit.

Man those AAPL 550's and 555's were cheap .....

 

EDIT:  550's already up 35% and the 555's up like 45% ..... I just stared. LOL

Wishful thinking to expect 460 in the immediate future.

AAPL close today above yesterday's close will give a "push through failure" where it sets a new low then reverses pretty hard. It would probably end up marking a bottom that can hold for a while.

Yeah good volume. Thing is, at these prices, longer term sell stops are being hit, we got the bad pair of numbers, sliced through the overnight low, and half a handle below was S1. All of that magnified the depth of that push. All things considered, the volume was more impressive than I first thought, but considering all of those factors in alignment at that moment, I'm not convinced. Now if we get one of those failed backtests with absorption, it will probably change my mind!

 

Just wondering about future liquidity issues. Don't see a pleasant outcome (at this time, nor the june election) for Greece. We have seen a bleedout of the Euro markets and it could be preparation fo default. Will we see these support levels breached over the next few days? 

700 million euros taken out of Greek banks by the public and no bank run?

 

Of course perhaps this turmoil will cause a rush to US stocks?