Imagine my surprise upon being released from the hospital to find that there is an unannounced race for Official ET Guru. With all due modesty, I believe that I am at least as well qualified as the current slate of contenders, having offered my share of bogus theories over the years. But I am a changed man now. Those weeks of enforced absence from ET inspired me, like other confined great thinkers (Genet, Hitler, et al.), to create my trading masterpiece, Daily NDX Analysis. My grand theory is that if you know where NDX is headed each day, you can adopt the proper bias in your trading. Of course, you will have to learn how to trade NQ successfully, but that is your problem, not mine. I am an analyst, not a trader. Chart follows in the next post.
Attached is my daily analysis of NDX, which I perform hourly. Although all elements of the chart are brilliant, the cyclical study at the bottom is the brilliantest. Explanation follows as soon as I can figure out what it means.
Oh, yes, now I remember. The cyclical study at the bottom is a bit of mathematical manunippulation of the NDX daily close. You can immediately see that it is credible because when NDX goes down, the study's blue line goes down, and vice versa. The exact mathematical method is my secret (ET sponsorship looms), but I have coded named it Confabulation, short for CONfirming FABUlous calcuLATION. You will note that at the Thursday close Confabulation neared 0.96, perilously close to the all time high of 0.99 on the chart. This means that, despite the healthy look of the NDX chart, having penetrated a recent high, NDX is doomed to a retrace, on the order of 50 points. Therefore all NQ and QQQQ traders would be well advised to favor short positions Monday after the opening follies have dissipated. So I have made my chart offering and my fearless prediction and declined to offer any substantiation whatsover, and I hope you will all vote for me for Guru.
Thank you kindly, 2006, your criticism will go a long way toward fostering acceptance. BTW, it's now 2007.
I personally think that monday will be close to a doji, maybe hammer. But, that's just me.... How do you derive that indicator.....yo dont have to tell me the code.....just what you use to derive it.
I will grant you one narrow range day before the market falls. As to the derivation? The confused periodicity might suggest a certain conjunctive astronomical event. Did you see the frantic institutional buying after Thursday's close? And the bullish response to Friday's employment report? Time to fuck the public!
2006, one cannot be elected Guru here without having some obsessive asshole attack you relentlessly, personally, and irrationally. I would very much appreciate it if you would do that for me. Now aren't you ashamed of yourself after a moderator took me seriously? And let this be a lesson to you if you seek Gurudom: you may post the most exceedingly subtle observation unobserved if you wrap it in bullshit. You at least recognized that part. We had two bullish events in aftermarket. The daily chart looks poised to break the bearish double top after a double bottom and a higher low. All will be amazed if my random prediction comes true, and I become Guru!