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  • innlionsden innlionsden Jul 6, 2013 10:15 AM Flag

    looks like holiday pump fest destroy all bearish ta

    everyone bullish,charts say go,rising usd and rising yields will be bulls basis to rally,if you can believe that true.
    all black swan will die down,the central bank are so much trouble that they will run up markets....deception is still job one,a matter of national security.............bears beware,even the bull that admit its bull will be buying monday ,thats how deep the openly fraudulent markets roots have grown

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    • I see an inverted head and shoulders projecting to about 164 (163.75 to be exact, but how often does it hit exactly? Usually hits "roughly").

      This coincides with the top of a very important gap on the charts. If the gap fills then the action immediately following the gap fill is a big clue.

      This technical pattern coincides with the commencement of earning's season. So, we have a pattern and a catalyst shaping up.

      The pattern I see is a classic top, that broke down, and the retest of the breakout favors bulls short term with a gap partially filled and the 50 day moving average defining the front line of the battle.

      The position of the latest candle doesn't confirm anything for anyone: The bears have a classic top pattern in place, but it could be a swing trap top.

      Earnings will either drive the action back below the break out and possibly signal a trend reversal and negate the idea that we've entered a secular bull market, or they may drive us higher and signal the death of the secular bear, which means it may as well be the 2009 bottom all over again.

      Personally, I'm leaning bearish given rising rates and overseas markets stuck in recession, and in many cases, depression conditions.

      Looking at just the USA would lean me to the bullish side. Earnin'gs season and rates will be the things to watch here.

 
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