So what’s more important a trend line or a moving average? I watch them all. Sometimes my chart looks like and EKG. The media was obsessed with the 50 day moving average for most of the indices a couple of weeks ago, and rightly so. Sometimes these levels see a temporary “overthrow” of the level, then march right back up. We haven’t seen that yet. It can also be a warning sign of pain ahead. September is historically a sucky month for the tape and Washington is back form their vacation and their drug of choice is called “lets fuck things up”.
You can look up the charts, but the Dow $DJIA and the S&P cash $SPX are both below their 50 day moving averages, so the next level would be the 150 day ma. The Nazzy $QQQ is still above its 50 day moving average. Interesting. Does that mean the Nasdaq will lead on the way up when and if we turn higher, or is it just hanging in there before a decline? I don’t have the time to figure it out, but will take it one day at a time.
Syria is front and center, but the U.K. said “no mas” and wont play in the sandbox with us. They’re done with nation saving. So am I. There just isn’t any upside to that trade.
Our boy Acampora reiterated his stance on a Dow move to 12,000 late Friday. The guy really hates stocks right now. Just one man’s opinion and that’s what makes a market. The bulls like this dip, but even they are scared shitless. Who knows what they are really doing? Who cares.
I think we rip after the first Tomahawk hits, how long the rip lasts, I don’t know.
I’ve devoted the last 48 hours to my two fantasy leagues (priorities), but will look at a billion charts and will be back later with some setups.
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