Luna $ Ticks

November 10, 2008

It doesn’t look good

Filed under: Trading SPX SPY — moontrader @ 8:13 pm

For the bulls, of course. First of all, after today’s action, my call for a rally this week is no longer valid. The market showed further signs of weakness, which makes me believe that the odds of new lows for the year are considerably increasing. Here the signs:

spy-111008

However, I still wouldn’t short anything. For the moment I am just watching the next steps the market will take, so I can have a clear scenario – or better, an edge – before taking any action. In any case, you can feel the market is heavy and SPX has been unable to react from the 830/1000 range. Today convinced me that we’ll have new lows soon.

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6 Comments »

  1. Inverse H&S is intact, but I agree, it looks weaker and weaker every day.

    Comment by Phantasmix — November 10, 2008 @ 8:54 pm | Reply

  2. Have to admit after seeing Moles weekly Stoc. signal showing a move up and Moons charts looking like another down leg. It’s time to sit and wait for me

    Comment by jigsaw — November 10, 2008 @ 10:37 pm | Reply

  3. How does the full moon on Thursday play into this?

    Comment by Tralee — November 11, 2008 @ 8:19 am | Reply

  4. Tralee, I’ll post later a chart that I draw last week but ended up not posting it about projections for this week.

    Comment by moontrader — November 11, 2008 @ 11:10 am | Reply

  5. Tralee, I’ll post later a chart that I draw last week but ended up not posting it about projections for this week.

    Comment by moontrader — November 11, 2008 @ 11:12 am | Reply

  6. Not only it’s going to be a Full Moon, it’ll be a SuperMoon, one of the only 2 this year. The next one is on Dec 12, and that one is going to be an Extreme SuperMoon.

    It’ll be very close to Earth, and gravitational pull will increase. Something wacky will happen, for sure.

    Btw, last Extreme SuperMoon was in 1993.

    Comment by Phantasmix — November 11, 2008 @ 3:29 pm | Reply


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