Comments on: Intraday Range Compression This Week

By: Anthony

Anthony — Tue, 27 Jan 2009 23:52:07 +0000

H Corey,
Anymore insights into the intraday compression. The breakout from the 835 level was short lived.
Thanks

By: Corey Rosenbloom

Corey Rosenbloom — Sat, 24 Jan 2009 05:40:26 +0000

Anthony,

I’m honored! Thank you so much for your support.

It’s strange – it’s been quite a volatile week but each day brought something new and in the end, all we did was stay within Tuesday’s range all week, compressing price. I would think at least a little of implied volatility has declined as prices narrowed. Of course, I’m expecting a breakout move next week from the consolidation.

By: Corey Rosenbloom

Corey Rosenbloom — Sat, 24 Jan 2009 05:38:50 +0000

Anon,

Impressive move indeed. If we can break $820 per ounce which was previous significant resistance, it could be a sign investors are flocking to gold and perhaps away from paper like stocks so that would be bearish. We’re seeing a strengthening position of gold against a weakening or at least consolidating equity picture. Higher gold prices would likely be bearish for equities, though perhaps not 1 to 1.

By: Corey Rosenbloom

Corey Rosenbloom — Sat, 24 Jan 2009 05:36:58 +0000

Anon,

Aww maybe next year. Thank you for providing the list though!

By: Anthony

Anthony — Sat, 24 Jan 2009 04:46:37 +0000

Corey,
Thank you for your valued comments. As an options trader I see the high option Implied Volatility across most stock options, as a sign of great uncertainy & most of the time it is to do with a possible downside move. 5 year & 10 year Fed Notes also painting a similar picture? I agree with the previous comment your blog should be on the top 5 blog list.

By: Anonymous

Anonymous — Sat, 24 Jan 2009 02:33:33 +0000

Corey,

Gold surged 4.31%, on a wave 3 impulse according to my count. Is this telling us something about the stock market direction?

Thanks!

By: Anonymous

Anonymous — Sat, 24 Jan 2009 00:41:10 +0000

Corey, I think we are still in an up wave to 900-1000ish before breathtaking plunge to 600…

You should have been on this list. 25 best blogs.

http://www.247wallst.com/2009/01/it-has-been-ove.html

By: Phoevos

Phoevos — Fri, 23 Jan 2009 20:11:00 +0000

My bias at the moment is a move lower.

By: Corey Rosenbloom

Corey Rosenbloom — Fri, 23 Jan 2009 19:00:14 +0000

Nnecker,

I’ll try to do a count there – can’t say for sure if a bottom is in place yet. I’ll do an analysis this weekend. Thanks for the inspiration.

By: nnecker

nnecker — Fri, 23 Jan 2009 18:57:13 +0000

Hi Corey,can you do a one year wave count on the xlf.I think we have made a bottom on it .What do you think.Thanks.