Sorry you were stopped out. I noticed that triple bottom in the NDX, and the positive divergence with the SPX just before noon. And thought; "Is that as oversold as we're going to get; -3%?" So, covered my hedges and added to longs. This market waits for no one.
Once above 1224.70 today ( the highs of 11/3 ) the market really rolled! That 10 year auction at 1PM really set the tone. The 10 day MA at 1215.60 provided some nice support too. The highs of 10/3 should be next at 1233.34
quote from garghur today in another thread. Another bs er. I'm net short and still looking for the rally to continue Depends what day you ask I guess it depends what the market did at the end of the day.
I don't mean to be rude...but check the time of the post before you make accusations...would you like to see my trades?
A month ago we couldn't buy a rally, now they can't even sell technical divergences. I was net short when the day started, and had to flip around lunch time. Wow! Mike, that's where I see the next pivot: 1234 SPX and 2220 NAZ.
More fuel for the Tech advance: NDX/NAZ/SOX BARRON'S COVER Week of November 14 The Great Tech Revival by Eric J. Savitz Consumers may be stretched, but corporations are flush with cash and ready to spend again on business hardware and software. That's good news for Microsoft, IBM, Cisco, Intel and other providers. What's ahead for 2006. Just checked the online edition of Barron's. This is the cover story. Might be worth a continuation of the rally early this week. http://spaces.msn.com/members/caldaroEW/
Yes, good call! I'm hanging in there to see how the SOX index acts tomorrow. I figure if it turns up we can accelerate upwards again. But the DOW/SPX/NAZ are all running into resistance: 10,755 1246 2220 If they can make it thru, we'll be heading higher before any appreciable correction occurs.
That summarizes what I see. I think there's a 66% chance that 10755 will be the roof while there is a 33% chance that, in the eventuality this level would be broken, we would move into a bullish trend (as opposed to stocks going up just because they were oversold).