In search of high R-multiples while keeping losses small.
Friday, January 7, 2011
$$ BKX Crushed after Mass. Foreclosure Ruling
The Massachusetts Supreme Court ruled against the banks today on their foreclosure practices, which should halt foreclosures in that state and might invalidate many past foreclosures.
This has a different look to early August, but I think you were looking for a cycle high around August 6, then it popped up 1 day before a big decline. I also think something similar happened in January of 2010, when it went down for a few day before reaching a high on Jan. 19 about equal to Jan. 11.
So that is why I was asking about a potential up day (that could be in the 1275 area) for the S&P on Monday. May not happen, but we may get a counter trend day on Monday to the last 2 days. Also, the S&P futures haven't had 3 down days in a row since September.
EURO traders..............
ReplyDeleteI have price and time coming together now! Good trading!
Short term the Highs are in
ReplyDeleteSo I am clear in the EURO ........I am looking for a short term swing low today or tomorrow! Good trading!
ReplyDeleteIntraday 5 min CIT (Change in Trend) Times 1/07/11: 11.45, 12.35, 1.35, 2.45 pm Eastern
ReplyDeleteActual: 11.40, 1235L?
Raj,
ReplyDeleteLikely to go up Monday before a more serious correction?
Fred, Yes, we could still see one more lower high on Monday
ReplyDeleteRaj,
ReplyDeleteThis has a different look to early August, but I think you were looking for a cycle high around August 6, then it popped up 1 day before a big decline. I also think something similar happened in January of 2010, when it went down for a few day before reaching a high on Jan. 19 about equal to Jan. 11.
So that is why I was asking about a potential up day (that could be in the 1275 area) for the S&P on Monday. May not happen, but we may get a counter trend day on Monday to the last 2 days. Also, the S&P futures haven't had 3 down days in a row since September.