but what do I know? As the great actor Paulie Shore once said: "Suck on this-a-one-time...." http://f2.pg.briefcase.yahoo.com/eqttrdr
I should say that a chart helps those who can read it or rather who can assimilate what they read. The average chart reader, however, is apt to become obsessed with the notion that the dips and peaks and primary and secondary movements are all there is to stock speculation. If he pushes his confidence to its logical limit he is bound to go broke. Jesse Livermore
Damn, I am a legend in my own mind more proof you say? sure http://www.pitstock.com/mcclellan.html negative minor change= trend day down
Those are damn confusing charts...keep em simple. try mine. & just so you know, I'm bearish WHEN the charting landscape tells me so...this chart is bullish still. learn to 'read on the fly' othewise you'll just become another analyst. (btw, I created this chart)
But please what about a nice 1-1.5% down day tomorrow -- profit taking, what ever. I feel like I'm in Alice in Wonderland here -- 7 up days in a row after the rally from the beginning of August?? The charts are nice -- they tell both sides of the story -- I see the bull run and the flag created over the summer (June - August), I am a little weaker on the charts showing that the rally must be over - I see strong resistance at the 1030 level, the retracements and all, but I am not sure that we must now retrace beyond a support level. All I want is to see some sanity before this market blows a gasket. This slow creep up isn't handled by the mechanisms put into place to prevent the dramatic changes (circuit breakers , etc ) Lets see a down Friday tomorrow and some more volatiliity over the next few weeks. Cheers,
A bull market climbs a wall of worry. I've seen a lot of climbing lately, not much worrying. Being early on the turn could destroy you, but it will come.
Given sentiment, seasonal trends, and monitoring some bellweathers in primarily semis and financials, I must say I tend to agree this seems to me to be a possible top on a potential false break, but when this s&p is above 1015 and sentiment as it is (very bullish), I am not shorting into the wind so to speak. We need a catalyst to get a change in direction here, whether it be technical, seasonal, geo-political - whatever. I want to see it come crashing back down on volume, or the bulls won't be seeing any offers from me! Goodluck, -Td