Monday, August 03, 2009

"I really can't tell you why all the bullish arguments are wrong"

There is an advantage of being old and not expecting things to happen right when we think they should happen.
(I am talking about myself, ya no' - I am an old fart)

So, I believed that local top had to be in place on July 23rd based on TDSetup Sell daily. the thing is - TDSetup Sell means "sell OR consolidation" - and consolidation that was for 4 days following July 23rd.
Now - pussy bears (sorry - I feel ashamed that I am currently bearish) - next TDSetup sell about to complete on Wednesday and it might be perfected as soon as tomorrow with slightly higher open.
Looking at /es,spx,spy and /nq...etc) I see the same picture with slight variations, somewhere is it a straight TDSetup sell, in others TDCountdown sell, and in some - soon to be completed TDCombo sell.
Taking a memory trip, in a way it is very similar to what I observed back in the beginning of March 09.

Not to overlook that on weekly charts major indexes are right at the tops of long term channels.

So, back on March 5th I wrote:  "I really can't tell you why all the bearish arguments are wrong..."

Today I am saying: "I really can't tell you why all the bullish arguments are wrong." - Hmm...I think there is an allusion here, but I am too old and dumb to get it...