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doc

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Reply with quote  #1 
Looking at the breadth commons only McSum, so far there is a weak looking bounce off the zero line. Is anyone else watching this for a possible summation failure?

There, now that I said it, it probably won't happen as summation failures are rare.

Doc
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fib_1618

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Reply with quote  #2 
As we were commenting on yesterday in the chat, there are ledges everywhere:

2013-07-02 17:02:14 [Message] fib_1618 -> Chat: so...
2013-07-02 17:02:48 [Message] fib_1618 -> Chat: it would appear that we're about to see the "unwilling sellers" hit the market based on what should be poor economic news
2013-07-02 17:03:21 [Message] fib_1618 -> Chat: but there's enough of a floor here between bullish divergences in breadth and "oversold" TRIN's to keep the market from falling apart
2013-07-02 17:03:58 [Message] fib_1618 -> Chat: what we then usually see is reaction selling at the open, that firms during the day, and then tends to rally as we move into the close
2013-07-02 17:04:05 [Message] fib_1618 -> Chat: sort of like today but with a weaker opening
2013-07-02 17:04:40 [Message] fib_1618 -> Chat: the one thing we do know is that with ledges that tend to develop right before the final lows in a downside MCSUM sequence
2013-07-02 17:04:49 [Message] fib_1618 -> Chat: and this shouldn't be no different this time around
2013-07-02 17:05:28 [Message] fib_1618 -> Chat: so...our blueprint for now is for day traders to keep playing "hit and run"
2013-07-02 17:05:41 [Message] fib_1618 -> Chat: investors and traders to remain defensive
2013-07-02 17:05:54 [Message] fib_1618 -> Chat: and for those who are itching to go long...just sit on your hands

Fib

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"As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan

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doc

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Reply with quote  #3 
Nice.
Do you have any downside targets for SPX?

Doc
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fib_1618

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Reply with quote  #4 
At this point, 1585 should provide support to any near term weakness.

Fib

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"As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan

"An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan

"What we see depends mainly on what we look for" - John Lubbock

"The eye sees only what the mind is ready to comprehend" - Henri Bergson

“Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977

"You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977

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