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Sunday, January 29, 2012

$SPX - Feb 6th

The next major timing date to watch according to the "Eye of the Hurricane" chart is Feb 6th.  Monday looks positive in the cycle analysis, and the market should bounce.  Tuesday morning looks really weak though so a low early in the week looks probable, and then rocket up later in the week.

The upside target remains at 1340, and Feb 6th is an important date to watch. 

10min Chart
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19 comments:

  1. AfshaikhJanuary 30, 2012 at 4:54 AM

    Go Short now for 1290 ? OR wait until 1290 to go long ?

    Which is the more probably trade ?

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  2. SCJanuary 30, 2012 at 5:25 AM

    There is support around 1304, and the cycle analysis is positive for today. So I'm waiting for a bounce to short later today. 1294 is a target for tomorrow - doubt we'll see anything lower. Then the mkt is set to surprise on the upside from that point.

    Silver is basically the same plan. I'll be looking for a spot to short today. Could see $31.30 Silver future tomorrow. Or $30.40 for SLV.

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  3. SS76January 30, 2012 at 7:22 AM

    RSI is overbought on Silver, so I suspect you are right as traditionally an RSI of 70 has produced some sharp sell offs.

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  4. SCJanuary 30, 2012 at 8:16 AM

    I'm waiting to enter short Silver as it looks like it could approach $34 today.

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  5. SCJanuary 30, 2012 at 8:17 AM

    $34 Silver future.

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  6. SS76January 30, 2012 at 8:37 AM

    I'm shorting it here....very limited upside so I don't want to take chances. RSI at 70.

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  7. SCJanuary 30, 2012 at 8:41 AM

    It is top heavy all right. I figure I'll give it a few hours.

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  8. SCJanuary 30, 2012 at 9:06 AM

    S&P bouncing today up from the low, and that is consistant with my cycle analysis for today. 1312-14 may be reached today. Tomorrow morning looks weak.

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  9. AMJanuary 30, 2012 at 10:29 AM

    SC and others, some interesting symmetry in the US dollar index. Your thoughts?

    http://img195.imageshack.us/img195/9340/dollarsymmetry2012.png

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  10. SCJanuary 30, 2012 at 10:46 AM

    I think that is quite possible for the dollar. It may not be turning up quite yet, but a move up into April looks about right.

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  11. SS76January 30, 2012 at 12:05 PM

    Actually, in looking at Silver, I see it hit $34 in the overnight, so technically it already went there SC.

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  12. SCJanuary 30, 2012 at 12:11 PM

    Yes, good point. I expected SPX to rally up off the low this morning, and it did. Silver has been correlated so I figured it should rally up as well, but it hasn't done much.

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  13. AnonymousJanuary 30, 2012 at 12:54 PM

    So SC, what's next about silver ? A sharpe decline all that day ? Thanks in advance

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  14. SS76January 30, 2012 at 1:08 PM

    Did you go short?

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  15. SCJanuary 30, 2012 at 1:22 PM

    Decided to wait until tomorrow, and see how things shape up.

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  16. curiousmindJanuary 30, 2012 at 1:30 PM

    This market will never drop, it seems, rally from 1300 all the way to almost closing green...the bull spirit is strong or the bears are squeezed hard with every chance they got..

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  17. RBJanuary 31, 2012 at 4:01 AM

    Hi SC and other masters,

    Have you gone short for silver or changed your mind?
    If you sell please write it up here.
    Thank you.
    RB

    ReplyDelete
  18. SCJanuary 31, 2012 at 5:10 AM

    I'm not short, but currently fine tuning a short entry. Once I am short I'll post it for sure.

    Lately Silver has been the leader with Gold a follower. It seems that we are waiting for Gold to finish, and then they both drop. A tiny amount of upside is still possible for Silver.

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  19. RBJanuary 31, 2012 at 5:18 AM

    Thank you so much.
    I'll look forward your comments about Gold and Silver.
    RB

    ReplyDelete

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