Friday, May 7, 2010
The SPX almost reached my target in yesterdays crazy session as we had a crash at some point very likely created by the HFT SOB'S who made it even tough to cover shorts as their programs seemed to front run all kind of orders. So far I can only say who never worked with astrology better starts right now as the Saturn/Uranus opposition catched another 20% decline right on spot (26th April) plus the web bot called for a day which would turn the wheel of fortunes on the 6th May - Kudos to that computer program. Back to the markets the direction has become clear to everyone now I guess and the cozy days for the corrupt DC guys and the easy money for the Wallstreet manipulators is over. The bull campaign has suffered a huge set back as that is exactly not the market they can lure the retail investor back in and unload on him on the top. We got a mayor top at the extreme point of this fabricated rally 61.8% retracement point and the weekly chart has confirmed a major turn. Astonishingly this looks quite the same as a pattern we had in 1910 which was after the banking crisis of 1907 with a over 50% crash the market recovered all losses within 2 years. Check out the YEN who had a positive crash as a lot of leverage yen shorts were covered. We will have a volatile session today as some market players will need to unload positions before the weekend and the manipulators try to keep it up which will be more effective on Monday. We have reached the early stage of bigger Head and Shoulder pattern as we yesterday touched down at the neckline level around 1050-70 and are already back at the right shoulder level - hence wewill need to repeat yesterdays move in slow motion would be my best guess for now. More on Monday after I saw how it played out today but in any case this is not a buying opportunity as some banksters may try to make you believe.
Posted by getagrip at 12:42 AM