All posts by uranium-pinto-beans

Wednesday Again

Today, unlike the previous two sessions, stocks failed to close exactly where they started the day.  However the action was strikingly similar.  This market will not give it up.  And perhaps its because many think it will.

Yesterdays session ended with a Pope candle.  The Pope is visiting the Northeastern United States this week.  The powers that be welcomed him with a candle looking much like a cross.  Perhaps their good deeds yesterday of manipulating prices to a cross will get them a nice house when their days in this world are done... and perhaps they'll still get what they have coming to them.

 

2015 has seen the Pope candle action far too frequently.  Today's session looked to be setting up for a similar outcome.  Perhaps after hours action will again spike higher.  There is no China PMI number to stand in the way this evening.

Last night, as I brought up in the recap, China's PMI smacked stock futures 1% lower.  This morning, those losses turned into gains.  Stocks miraculously opened higher.

With every Central Bank in the world trying to game their stock prices higher, as dumb as you were for buying the dip, your an idiot shorting this market.  Right?

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Close The Open

Had you left the market right at the opening bell and returned at the close, the market was flat for the session.  For the rest of us, stocks crumbled throughout the trading day and looked espcially weak before a massive buying frenzy lifted stocks off their lows.

And for the second straight day, the $SPY  closed exactly where it began.  For the second straight day a massive late day ramp was the reason prices ended the day  right where they started.   The boomerang algo.  These have become all too common in 2015 to be put off as coincidence.

More importantly:  Where are we headed into the fall?

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Charts

I'll have more after the bell.

The more charts I go through the more confident I am about a move to the August crash lows in the short term.  As I stated weeks ago, when the downside starts, we'll know it, and we will have plenty of time to trade for it.  I think that downside has started and that time is drawing near.

I am still in some PUTs I opened yesterday for downside today.  And voila... downside.  The S&P500 is down almost 2%.  Here are a few charts - and I'll have a recap later this evening.  Until then I will see you in the chat room:

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