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Stock Market Damage Report

Stock-Markets / Stock Markets 2013 Nov 08, 2013 - 03:48 PM GMT

By: Anthony_Cherniawski

Stock-Markets

The big boys are doing damage control after the payroll numbers (entirely fictitious, of course). The bounce is happening faster than I can write about it. This is the third revision of my letter that started at 10:00 am.

The 50% retracement level is 1760.37, just beneath Short-term resistance. It appears that that resistance has stopped the retracement rally. This activity is merely to “run the stops” on any recent shorts who now show a loss. The best course of action is not to put stops on short positions. In fact, this is a good place to put in the final short positions.


TNX ran up to a high of 27.63. This would give TNX an inverted Head & Shoulders formation with a minimum target of 30.50!

There is little doubt that the Fed is not in control of the rates, notwithstanding protestations to the contrary.

VIX is challenging Short-term support at 13.43. Despite major brokerages dissuading their clients against owning VIX ETFs, major hedge funds and banks are piling in at bargain basement prices. Don’t let this fool you. VIX is going much higher.

GLD made a healthy decline beneath its Cycle Bottom support at 124.09. Although it may attempt to retest the Cycle Bottom, it is now in free-fall territory.

TLT broke its Cycle Bottom and is heading toward its major Head & Shoulders neckline at 102.00. Should it break the neckline, the minimum target is 75.70, forever breaking the 32-year trendline in bonds.

Regards,

Tony

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Disclaimer: The content in this article is written for educational and informational purposes only.  There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

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