Yeah, but your advice sucks... no offence, but you've been pounding the table calling a top for the last 100 SP points, maybe more... your triple top is no longer a triple top, btw...
Well, I certainly try not to fight directional bias, but at some point, I think we have crossed the threshold from bull market to bullshit market. I'm not sure where or when that line of demarcation was, but I think it is safe to say that we are on the BS side of the equator.
"When I see all three RSI readings in the 90s, I know some sideways or some corrective action is near. This did not work in late April and all of May 07, but 90% of the time its worth paying attention to. When all three and under 30, its time to buy, as long as price is above 50,100,200 day moving averages" anybody who makes buy decisions in indexes based on moving averages and RSI deserves to lose money. cmon. get real
Mini, This horrible breadth in the market is quite typical of the 5th and final wave of this advance, before we see a multi-week/month correction of this sequence. Today, the SPX simply traced out a wave (iv) correction. Ideally, we should see one more push back up THRU last week's high of 1555.90
I agree. Dow is undervalued based on earnings estimates. If actual earnings come out same or exceed estimates the Dow will fly to 15,000 by year's end. I'm bullish with a stop at the 13,700 level. Most people have missed this rally because they try hard to analyze the market instead of following the trend with a reasonable stop. That's pretty much pathetic behavior. Winners just follow prices and set stops. You also need a good system to generate signals. That's more or less all there is to it in a nut shell. Ron
The more you post the more you expose what a joke you are. Bad day for trading from the long side, serious lack of support. Even the Dow components all felt weak, very nervous & panicky.
Yeah right bro, have you seen stock_turder dance it up? At daycare he is absolutely the coolest kid with two legs(kind of skewed though considering he goes to a disabled daycare with 99% paraplegics!):
The Dow is not undervalued, estimates have been coming down, and companies are hitting the lowered numbers. Alcoa is a good example, I think they had YOY growth of about 2%, pretty weak, yet the stock is trading at a premium because portfolio managers are having to participate in the rally and driving up prices.
Technical analysis is a windsock, not a crystal ball. Be prepared to adjust your tactics and strategy if conditions change. Why do you think the market went up over 1% last Thursday?