I think we're gonna rally into the close Stoney. I might be wrong, but watch all three indexes close at the day's high. That would be quite a move. Q's 298 I said 305 yesterday, but I said in such a way that I didn't think it would happen. Got to 303. It's either drop like a rock, or climb like a rocket.
S&P 500 3,988.98 +58.90(+1.50%) I'm on a list now to get scary thoughts from a firms TA guy, my brother in law sucked me in... I don't like these but I guess I sounded nervous enough. They think 4,200 and roll over.
The one thing that I don't see in individual names is volume. This is purely short covering and a buyers strike. Not Real buying. Still it feels good. We hit off a serious Fibbanochi level yest so that low now is Mucho Important.
Did you ever read my Fib post on Thor when the one guy in the other thread said I was crazy? Here I'll get it. I mean it was perfect. Not by by me, I mean the stock.
No but that shit works! I was just talking this over-- one of the market metrics that has withstood the test of time...
Hey no sooner than I typed that and look at that spike. Anyway, here's that post. I can tolerate you bothering me, but we're brothers. I had to school this guy. https://elitetrader.com/et/threads/...-getting-clobbered.366606/page-2#post-5583974 Oh yeah? Well a profitable company at a PE of 4 with growing revenue means if I buy every share, I'm making money hand over foot in about 4 years. Granted that's simplifying things from a REAL WORLD business standpoint... but you want to talk about TA. So we'll talk about TA. Stage 4 downtrend. Yep I'll give you that. It sure looks like it, but allow me one better one. Look at the chart again real close. See if you see anything. Start with the 2020 feb low of $32. Go to the most recent high of $152. Subtract those two and what do you get? $120 Bfd right? Now multiply $120 by 61.8% (uh-oh... the lights coming on) $120X.618=$75 $152 - $75 = $77 Where'd it just close at? $77 It's called a perfect Fibonacci retracement. See, I see things in nature... and in charts. Not trying to be nasty, you do what you want... but if its achoice of me buying a company that pays itself off in less the 5 or 6 years vs buying some of this other crap out there... I'm going with the real world. Plus, I'll take Fib's over all this other chart mumbo jumbo any day. Show me 5 technicians, and I'll show you 5 different opinions. Fibonacci lines have a universal power. In nature... and on charts. >>>>And THO is sitting at A PERFECT 61.8% RETRACEMENT
>>>>And THO is sitting at A PERFECT 61.8% RETRACEMENT Does that number change with recent up and down activity.