What in a world do we live in, where we can't even trust Joe Namath anymore? Today ended up basically being a Doji, with +13 and -9 pts swings. So the question is: Was this Doji a continuation of the previous 3 days sell off (and consolidation before further downside) or is it going to bounce from here? Honestly I can't tell. There was no follow through to the rally, it was very weak. So maybe this 13 points all what we get and we drop from here another 30-40 points... But I do expect a nice trend day tomorrow, whichever direction it would take... Edit: I looked at the Dow chart (what I seldom do) and it ended up in the green by 1 point. But anyway, if I have to predict using that, I see more downside, because it visited the SMA line from below, and bounced back from it... Edit2: The NDX is sitting on the former ATHs support line. Until it goes below that, it is still bullish.
BINGO! After a soft selling open.. Bullys got busy & we got the anticipated rip, to 67 .. They were met by sellers, whom were rewarded again by a nice 20 handle dump down to 45 range, As we continue to "build out" within the confines of my defined range. For those of you getting diced up like a Vidalia onion within this Apex... The confines of this build out are pretty evident on the larger TF`s... until they`re not. -Steve Heavy Heavy
No reason yet to abandon my short here overnight. I'll watch closely the 2763 area as I indicated as well as the 2744 area on the bottom.
Based on the overnight action (sideways) and how the McMaster dip was bought up, I am guessing an at least 20 points up for Friday.
Pekelo, Every other post, you choose is an alternating stance from bearish to bullish...back to bearish & now bullish.... & when either occurs, you`ll claim victory & that you were right? I know you don`t trade money & that`s ok but every one sees your constant straddling & yet you want to be taken seriously. I enjoy a good percentage of your posts as you offer some value... but trading isn`t about "needing" to be right! If you feel the urge to make a call... then make it & then see it through by standing by it!
Heading out to a Real Estate foreclosure auction for the day... let your winners run & play your stops tight to the vest... the story lies in the bigger picture!