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It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. Henry Ford


Those who surrender freedom for security will not have, nor do they deserve, either one. Benjamin Franklin
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The idea that you know what is true is dangerous, for it keeps you imprisoned in the mind. It is when you do not know, that you are free to investigate. ~ Nisargadatta Maharaj

Saturday, 7 January 2012

SPY

Interesting that the SPY printed a doji as well as the AUD.

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3 comments:

  1. valunvstr7 January 2012 at 02:39

    Similar Doji coming out of the 2010 IHS too and the market ripped higher. Everyone is forcing a negative outcome and a bearish view. Be careful. SPY took out the neck line of the big H&S and now has broken and found support from the IHS neckline. Might head lower but the amazing one sided bearishness by every technician on the blogs is a very bullish sign.

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  2. Chartrambler7 January 2012 at 11:15

    Not sure every technician is bearish but hey.I didn't get my sell signal on the Dow yet(see earlier post and the doji is not itself a sell signal.However I did get some sell signals in Europe (eg the morning star reversal on the Eurostoxx) and I think risk currencies are bearish.

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  3. Chartrambler7 January 2012 at 11:52

    Also from a Gann point of view,the 3 months down,3 months up cycle has potential for a reversal of some sort,especially as this larger 6 month cycle is a 50% time retracement of |July 20120-July 2011 rally...."wheels within wheels" as it were. Cycles always have to be confirmed by pattern...weekly doji is a start that needs confirmation next week

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