riskfreetrading issued a sell signal in his blog: http://financialtraders.blogspot.com/ some excerpts: "Three days ago (in previous post) we posted on this blog that this blog's prediction-forecasting models issued a warning that qqqq powershaes etf stock was entering a sellers zone between 46.84 and 1% above. The upper level of the zone is then around 47.30ish level. It is now 3:01PM on March 12, and the QQQQ EFT stock is trading at 47.40. Models just issued a confirmation signal, which essentially tells us that all longs should be taken off, and that we should start building short entries on QQQQ powershares etf stock. If this prediction turns out to be right, it would mean that the open of today at 47.50 was an exhaustion gap set up for late bulls and for the surrender of the last of the losing bears. .... Conclusions for today: 1) QQQQs bounced from 47.25 and stopped right right at 47.40. Market is still open. We would expect it to close few cents around 47.35. 2) Monday the buyers and sellers should meet each other, and decide on the market. 3) The close price most likely will be below 47.50, which is a strong vote in favor of a down move this coming week. ..." his call should be good for a several % drop. he suggests that this Mon will be critical.
After turning a decent yearly gain into a considerable loss shorting the Q's last year, I switched to the YM. I no longer care if we go up or down overnight. I go home flat and I've never slept better. I pre-determine my intra-day levels long or short, and if they are tested they are played provided unforeseen news events or short term internals don't dictate otherwise. Analysts, CNBC bullshit artists, and bearish or bullish stories just don't matter anymore. I no longer sweat economic releases or fed minutes. I no longer need to read all the blogs that justify my losing trades or hope for unforeseen events to ease my pain when in a losing trade. My only fear now is the FTT, and I have other skills if that comes to pass. I will never again fall into the H & H trap that often develops with failed predictions.
There's no sellers. None. Zero. Every bit of bad news is disregarded. Best way to look at the market is too see what it's not doing.
Absolutely no sellers. The market had buyers and sellers 9-10% ago, then again at 5% ago. Now after seeing the price action sellers have stepped aside to watch what happens. THERE WAS NO VOLUME WHATSOEVER THURSDAY AND FRIDAY DURING THE RALLY. If we continue up at some point we will come back and when we do---holy sh#t 'cause the air pocket is gonna be wicked. For the record I am a bear licking his chops waiting but like everyone else I'm not gonna be gored by some stupid ass bull. In the meantime you can take 1-2% per day outta oil. WORD
any ideas about good fractals that may match the current run-up (and the pending sell-off)? i have been looking intently at the local tops from the past year, but maybe need to look further back.