Ray, know you were looking for a 72-74 puah. thought that possible as well with at least a last week push. now not so sure. now seeing 1/2 decade lows on the usd/euro exchange. Spain and Italy exchanges are getting 2009 low-crushed or worse, and the unemployment there matches depression-era. the dow has blinders on compared to what it happening elsewhere, almost in a dreamstate.
I think we are going to see some pushing and shoving going on in haste to exit the room soon. I already got a headstart in that direction on Friday.
I got a glimpse early morning that Barclay downgraded RDS from outperform to perform and immediately the asking price went from $69.+ to $67.+ and premarket reflected it. Looks like the big boys are ready for a correction.
We bumped upper Bollinger last week gents, and struggled to break out. Confirmed my selling indicator. No more "gut" feeling. No more "hype". I chose to ignore it this year and listen to "financial news". It cost me. I'm only 1% down, but could have been 10% up. Bollinger will be my leading indicator going forward. Going back to basics. Bollinger/Fas Sto/RSI. I know nothing about Elliot Wave and head and shoulders, etc, but respect those who do. I must go back to what worked for me. Waiting for lower bollinger trip to buy. Good luck to all.
Pat, as I said before. SP500 worries me and market is a mixed signal SP500 and Energy index made a higher high pivot. RU2000, QQQ, SOX seem to have stop and pivot down without making a new high pivot. Almost all market around the world are struggling, while U.S. and England seem to the only 2 that are holding each own. The market slowed down last Friday, but, I am not seeing any change in direction, so I assume this will be a consolidation pause. IF SPX breaks the higher low, then a direction change to down.
Significant observation of last Friday. a)SPX pivot after making a higher high, but, it made it look like and END of wave five and we maybe going into a correction down of abc that could bring us down to 1325 SPX, if it drop below that then SPX is going into a bear market trading range. b) NYSE composite did not tag along with SPX, instead it never made a higher high pivot and made it look like head and shoulder pivot. It could mean bearish signal.
So a lot defend on the SPX direction for RD. If the market change downward, then RD is close enough to my $70.00 target as a final (top)pivot down cycle. So far, RD chart is strong and bullish, but still influence by SPX. Watch the market index especially SPX and try not to focus on that $72-74 target. I sold on extreme market reversal last Friday (because I am a trade, I have a shorter time frame than an investor, I ride the wave). Just my humble opinion.