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Thursday, July 5, 2012

BOE and China Take Action - Is This The Top??

Two heavy weights (BOE & China) take QE actions, but is this the sign of the market top - it might be!!

Initial signals of decline: 1363 and 1355 (SP500)

A close below 1340, will solidify the decline case.

Moreover, Euro has re-asserted its down-trend. So, we should be ready for a market top followed by a sharp decline.

IPM Turn Date: July 6, 2012 (+/- 4 days)


4 comments:

  1. I found a pretty cool link from CNN for the Fear and Greed Index and how they calculate it together with other indicators. Feedback? Anyone know other tools? What do you all think? I kind of like it. The previous closed of the index was on "greed" mode of 56. And Naqvi IPM's market top was +/- July 6th as well. Everything ties together.

    Joseph

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  2. http://money.cnn.com/data/fear-and-greed/?iid=A_INV_QL

    Joseph

    ReplyDelete
  3. Naqvi, any thoughts about the depth of the decline? What's the projected level of support? 1290?

    ReplyDelete
  4. That may be a tough question. You may want to bet on the later deeper decline which is supposed in late July or August. Naqvi projected this decline going on now and he projects a rally coming soon before the deeper decline. The rally upward may start tomorrow or later in the week or next week. What i find interesting is that the S&P is not being able to go lower the 1340 level with ease. There is some resistance around 1348 and 1358 in the past 2 - 3 business days.

    Joseph

    ReplyDelete

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