No Virginia There Isn't a Santa Claus

My post from last night some how froze up the blog... so I had to repost it this morning.

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And no, yesterday didn't mark THE BOTTOM of the bear market. Another one of those incredible bear market rallies I keep talking about. They will amaze you and daze you won't they? From the bottom today, the Dow went up 800 points to close 550 points above yesterday. Amazing. It really is. Even more amazing is the techinal analysis tool I'm learning about hit it right on. That's why I bought long yesterday. I was a day early, hey, I'm still learning. So, what's next? Well we'll go up to about 9200 on the Dow and then it's back down again. That's how I see it right now. There is a chance of a Santa Claus rally. It's pretty much an annual event. But with today's environment I wouldn't bet on it. What caused todays rally? Nothing but pure technicals. There was no good news, there was more bad news but that doesn't matter. When the S&P tripped below 840 today, that kicked in trading programs to start buying and covering shorts. The next few days will be up and down as the traders go back to their usual ways, and then we'll see if Santa is coming to visit or if the Grinch will take us down to around 7200 on the Dow. I'm betting on the Grinch. Here is something I just read that confirms what I'm seeing (not that I know the system well enough yet). ===
The price action also coughed up more juicy bit of info. For example, we posted new SPX lows below 10/10, but on poor volume, followed by a spike on big buying volume. That more or less proves that 10/10 was NOT a capitulation bottom, and so it naturally follows that new lows are to be expected in the longer term. This adds further support to the notion that we are now in a C wave of a flat.This C wave will be vicious and swift. It will probably terminate around opEx next week (a number of others I respect e.g. Atilla, are of the same view even though they are not into EW).There will be some scary reversals... into which I will be buying.But what I'm most looking forward to is shorting this sucker towards the end. Target SPX <>
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I'm going to start putting the closing prices on the Dow, S&P and Nasdaq each day. I'm going this because I'm going to start reporting things based on the S&P 500. It's the most widely used for technical analysis.
Dow 8835 +552
S&P 911 +59
Nasdaq 1596 +97
So, as the info I copied and pasted above, we're looking for a rally in this last leg up, but then things begin to crumble and based on technical analysis, the lows put in so far aren't THE lows. I can't improve on that so I'll leave you for the evening.