Good Chance market near a short term low.

Discussion in 'Trading' started by dgabriel, Oct 12, 2005.

  1. I am drawing up long candidates (while keeping oil and homies as short candidates, after a bounce)

    Market is as technically oversold as it was in the spring late April - early May.

    I use a wide set of indicators. % of NYSE stocks over various MAs, SPX and NYSE Stochs, Mcclellan Osc. and SI, and classical price S/R.

    Volatility relatively high (although historically low)
  2. my only longs right now are oil --- that is my only pick here.

    i will get some position trade longs in the es when i see the buy programs hard at work again --- so far they are out for maintenance.
  3. your statement here --------

    "Market is as technically oversold as it was in the spring late April - early May."

    the market in an oversold condition here is very different from an oversold market during the spring. the macro economic picture has changed colors since then --- so any new move up will most likely be with a different group of leaders and not as strong --- just my .02
  4. The market has more overall selling pressure now than then.

    I don't care what goes up or down, so long as I am in tune.
  5. Babak


    I agree. TA and internals that I watch are also close to extreme oversold. Not all the ducks are lined up but we'll see this week.

  6. yes i agree, and my comments were to highlight that 93.5 and 93.7 on the radio dial may look very close but they can have very different tunes.
  7. How are you keeping track of what the buy programs are doing?
  8. fstrader


    Besides looking oversold on the indicators, 2026 on the NASDAQ and 1179 on the SP500, is approximately the 61.8% retracement from the lows of April to the Highs of August. So, I'm thinking we bounce here, maybe all the way back to 2067 to close the week.
  9. Babcrack you still hoping for the breakout. I thought you were going to repost my thread 2 weeks later, as you said the market will surely be higher.
  10. I love these threads.
    #10     Oct 13, 2005