The Dow weekly chart is showing a downtrend channel over the last ten bars or so.. and the lower edge of said channel is around 9700... if price goes that low it will be below some support at 10150 or so, then the next support is around 8300... The larger channel based on the peak in 2007 and the lower high of this year points to the idea that we could have Dow 5000...
You are right eight. But I am not good at future price targeting. I use peak areas in indexes (supports/resistances) as a some navigation but for me personally is crucial to see accumulation and distribution days around these areas. Are you short selling this market Eight?
I notice Optimer Pharmaceuticals trading at a historic high price yesterday. Do you always strictly apply CANSLIM rules? <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=3309952 \img>
Yes I do. I found in past to be very difficult for me to trade in stocks without clear uptrend. Your pick was good and well timed no doubt about it but I do not see a clear uptrend there. This is how looks like an ideal weekly chart for possible entries. Price is above 100 day moving average and 4 - 10 weeks tight consolidation area. Anyway like I said above. Your pick should be ok and I hope make you money. I hold cash and no interest in buying new stocks. I bought AAPL at 400 closed at B/E and I bought PCLN at 550 closed at 541. I will be buying pcln once again because I still like chartpattern structure until in break lower support around 500-480. DIARY OF A STOCK TRADER www.obchodovanie.com
%% DOW did have a down year in 2011, on my chart, haven't checked out QQQ or SPY in 2011 yet. SELL in MAY pattern. IBD/canslim always likes a % of volume + real careful of volume patterns. Plenty of uptrends + downtrends are made on average volume....................................................................................
Murray wins the ET longest-ever delayed post-bump of the year award, issued yearly. But this one is a doozy. A ten year bump? I think that is a record. I forget.
Most likely he continued to try to short the bull, and went bust. He hasn't been seen for over 10 years on the site.