I've been looking for some kind of a sell signal. Expiration is behind us, and now we sit on a monday with nice drops and everybody talking about the dollar. Looks a bit ominous.
I said at Friday close that this could be a turning point (see http://www.elitetrader.com/vb/showthread.php?s=&threadid=17138&perpage=6&pagenumber=13) "05-16-03 09:24 PM Re: Re: Re: Re: Re: Re: Dow DEFINITELY looks good to 9000 We did retest 8740 and failed obviously. The close has a negative bias so the consolidation could continue and mark this day as an intermediate or even definitive top." But at the moment there is no sign of invalidation yet as long as options do not expire since we've just finished an expiration must wait for the next . Today we have just consolidated hourly, daily and weekly scale down to nearly the theorical level of 8480 which is the launchpad for 8965: even if 8480 is broken there is another 300 hundred point lower that should be strong enough to be a buying point. 1 w 12/05/03 (19/05/03 - 16:26 - Close: 8678.97 - dji_w_y_1w_030512_000000_030519) 17 base min base: 8153.18 proj: 7875.71 55 proj min base: 8318.81 proj: 6166.10 135 base max base: 9049.07 proj: 6664.95 5 proj max base: <B>8480.15</B> proj: 8965.85
I called it on thursday evening: http://elitetrader.com/vb/showthread.php?s=&postid=255726#post255726 "the short-term peak has been reached. Sell tomorrow (friday). Downhill next week."
I ***THINK*** it is just a healthy pullback, which has been long overdue. Just my two cents...........
How so? Looks to me like I was right on time. I was setting out the placecards while the rest of you were wondering if there was going to even be a party.